Vornado Realty (VNOD) 10-Q 30 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018shares
Document and Entity Information
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	899,689
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	190,237,957
Entity Trading Symbol	vno
Vornado Realty L.P.
Document and Entity Information
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	1,040,765
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 3,175,830	$ 3,143,648
Buildings and improvements	9,969,190	9,898,605
Development costs and construction in progress	1,797,301	1,615,101
Leasehold improvements and equipment	105,625	98,941
Total	15,047,946	14,756,295
Less accumulated depreciation and amortization	(3,035,523)	(2,885,283)
Real estate, net	12,012,423	11,871,012
Cash and cash equivalents	1,090,791	1,817,655
Restricted cash	121,168	97,157
Marketable securities	165,650	182,752
Tenant and other receivables, net of allowance for doubtful accounts of $3,891 and $5,526	65,773	58,700
Investments in partially owned entities	959,801	1,056,829
Real estate fund investments	373,039	354,804
Receivable arising from the straight-lining of rents, net of allowance of $1,798 and $954	936,614	926,711
Deferred leasing costs, net of accumulated amortization of $198,100 and $191,827	443,859	403,492
Identified intangible assets, net of accumulated amortization of $163,406 and $150,837	146,370	159,260
Assets related to discontinued operations	52	1,357
Other assets	550,543	468,205
Assets	16,866,083	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	8,108,618	8,137,139
Senior unsecured notes, net	843,417	843,614
Unsecured term loan, net	749,494	748,734
Unsecured revolving credit facilities	80,000	0
Accounts payable and accrued expenses	394,079	415,794
Deferred revenue	187,934	227,069
Deferred compensation plan	100,368	109,177
Liabilities related to discontinued operations	214	3,620
Preferred shares/units redeemed on January 4 and 11, 2018	0	455,514
Other liabilities	520,331	464,635
Total liabilities	10,984,455	11,405,296
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 12,616,515 and 12,528,899 units outstanding	932,613	979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	938,041	984,937
Vornado's shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,799,573 shares	891,325	891,988
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,237,957 and 189,983,858 shares	7,587	7,577
Additional capital	7,555,993	7,492,658
Earnings less than distributions	(4,206,381)	(4,183,253)
Accumulated other comprehensive income	33,351	128,682
Total Vornado shareholders' equity	4,281,875	4,337,652
Noncontrolling interests in consolidated subsidiaries	661,712	670,049
Total equity	4,943,587	5,007,701
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,866,083	17,397,934
Vornado Realty L.P.
Real estate, at cost:
Land	3,175,830	3,143,648
Buildings and improvements	9,969,190	9,898,605
Development costs and construction in progress	1,797,301	1,615,101
Leasehold improvements and equipment	105,625	98,941
Total	15,047,946	14,756,295
Less accumulated depreciation and amortization	(3,035,523)	(2,885,283)
Real estate, net	12,012,423	11,871,012
Cash and cash equivalents	1,090,791	1,817,655
Restricted cash	121,168	97,157
Marketable securities	165,650	182,752
Tenant and other receivables, net of allowance for doubtful accounts of $3,891 and $5,526	65,773	58,700
Investments in partially owned entities	959,801	1,056,829
Real estate fund investments	373,039	354,804
Receivable arising from the straight-lining of rents, net of allowance of $1,798 and $954	936,614	926,711
Deferred leasing costs, net of accumulated amortization of $198,100 and $191,827	443,859	403,492
Identified intangible assets, net of accumulated amortization of $163,406 and $150,837	146,370	159,260
Assets related to discontinued operations	52	1,357
Other assets	550,543	468,205
Assets	16,866,083	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	8,108,618	8,137,139
Senior unsecured notes, net	843,417	843,614
Unsecured term loan, net	749,494	748,734
Unsecured revolving credit facilities	80,000	0
Accounts payable and accrued expenses	394,079	415,794
Deferred revenue	187,934	227,069
Deferred compensation plan	100,368	109,177
Liabilities related to discontinued operations	214	3,620
Preferred shares/units redeemed on January 4 and 11, 2018	0	455,514
Other liabilities	520,331	464,635
Total liabilities	10,984,455	11,405,296
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 12,616,515 and 12,528,899 units outstanding	932,613	979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	938,041	984,937
Vornado's shareholders' equity:
Partners' capital	8,454,905	8,392,223
Earnings less than distributions	(4,206,381)	(4,183,253)
Accumulated other comprehensive income	33,351	128,682
Total Vornado shareholders' equity	4,281,875	4,337,652
Noncontrolling interests in consolidated subsidiaries	661,712	670,049
Total equity	4,943,587	5,007,701
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 16,866,083	$ 17,397,934

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Tenant and other receivables, allowance for doubtful accounts	$ 3,891	$ 5,526
Receivable arising from the straight-lining of rents, allowance	1,798	954
Deferred leasing costs, accumulated amortization	198,100	191,827
Identified intangible assets, accumulated amortization	$ 163,406	$ 150,837
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	36,799,573	36,799,573
Preferred shares of beneficial interest: outstanding shares	36,799,573	36,799,573
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares	250,000,000	250,000,000
Common shares of beneficial interest: issued shares	190,237,957	189,983,858
Common shares of beneficial interest: outstanding shares	190,237,957	189,983,858
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,616,515	12,528,899
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts	$ 3,891	$ 5,526
Receivable arising from the straight-lining of rents, allowance	1,798	954
Deferred leasing costs, accumulated amortization	198,100	191,827
Identified intangible assets, accumulated amortization	$ 163,406	$ 150,837
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,616,515	12,528,899
Vornado Realty L.P. | Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES:
Property rentals	$ 444,595	$ 428,643	$ 884,705	$ 843,535
Tenant expense reimbursements	58,312	51,657	118,622	110,690
Fee and other income	38,911	30,787	74,928	64,920
Total revenues	541,818	511,087	1,078,255	1,019,145
EXPENSES:
Operating	235,981	215,700	473,583	436,359
Depreciation and amortization	111,846	105,123	220,532	210,251
General and administrative	34,427	35,405	76,960	81,580
Expense from deferred compensation plan liability	2,077	789	1,673	3,258
Transaction related costs and other	1,017	260	14,173	1,012
Total expenses	385,348	357,277	786,921	732,460
Operating income	156,470	153,810	291,334	286,685
Income (loss) from partially owned entities	8,757	46,021	(1,147)	47,379
(Loss) income from real estate fund investments	(28,976)	4,391	(37,783)	4,659
Interest and other investment income, net	30,892	8,541	6,508	15,236
Income from deferred compensation plan assets	2,077	789	1,673	3,258
Interest and debt expense	(87,657)	(84,789)	(175,823)	(167,513)
Net gains on disposition of wholly owned and partially owned assets	23,559	0	23,559	501
Income before income taxes	105,122	128,763	108,321	190,205
Income tax (expense) benefit	(467)	610	(3,021)	(2,303)
Income from continuing operations	104,655	129,373	105,300	187,902
Income from discontinued operations	683	18,111	320	33,429
Net income	105,338	147,484	105,620	221,331
Less net loss (income) attributable to noncontrolling interests in Consolidated subsidiaries	26,175	(7,677)	34,449	(14,414)
Operating Partnership	(7,445)	(7,706)	(6,321)	(10,935)
Net income attributable to Vornado / Vornado Realty L.P.	124,068	132,101	133,748	195,982
Preferred share dividends / unit distributions	(12,534)	(16,129)	(25,569)	(32,258)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 111,534	$ 115,972	$ 93,693	$ 163,724
INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.59	$ 0.52	$ 0.49	$ 0.70
Income from discontinued operations, net (in dollars per share)	0	0.09	0	0.16
Net income per common share (in dollars per share)	$ 0.59	$ 0.61	$ 0.49	$ 0.86
Weighted average shares outstanding, basic	190,200	189,395	190,141	189,304
INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	$ 0.58	$ 0.52	$ 0.49	$ 0.70
Income from discontinued operations, net (in dollars per share)	0	0.09	0	0.16
Net income per common share (in dollars per share)	$ 0.58	$ 0.61	$ 0.49	$ 0.86
Weighted average shares outstanding, diluted	191,168	190,444	191,190	190,674
INCOME PER CLASS A UNIT – DILUTED:
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.63	$ 0.71	$ 1.26	$ 1.42
Vornado Realty L.P.
REVENUES:
Property rentals	$ 444,595	$ 428,643	$ 884,705	$ 843,535
Tenant expense reimbursements	58,312	51,657	118,622	110,690
Fee and other income	38,911	30,787	74,928	64,920
Total revenues	541,818	511,087	1,078,255	1,019,145
EXPENSES:
Operating	235,981	215,700	473,583	436,359
Depreciation and amortization	111,846	105,123	220,532	210,251
General and administrative	34,427	35,405	76,960	81,580
Expense from deferred compensation plan liability	2,077	789	1,673	3,258
Transaction related costs and other	1,017	260	14,173	1,012
Total expenses	385,348	357,277	786,921	732,460
Operating income	156,470	153,810	291,334	286,685
Income (loss) from partially owned entities	8,757	46,021	(1,147)	47,379
(Loss) income from real estate fund investments	(28,976)	4,391	(37,783)	4,659
Interest and other investment income, net	30,892	8,541	6,508	15,236
Income from deferred compensation plan assets	2,077	789	1,673	3,258
Interest and debt expense	(87,657)	(84,789)	(175,823)	(167,513)
Net gains on disposition of wholly owned and partially owned assets	23,559	0	23,559	501
Income before income taxes	105,122	128,763	108,321	190,205
Income tax (expense) benefit	(467)	610	(3,021)	(2,303)
Income from continuing operations	104,655	129,373	105,300	187,902
Income from discontinued operations	683	18,111	320	33,429
Net income	105,338	147,484	105,620	221,331
Less net loss (income) attributable to noncontrolling interests in Consolidated subsidiaries	26,175	(7,677)	34,449	(14,414)
Operating Partnership			(6,321)	(10,935)
Net income attributable to Vornado / Vornado Realty L.P.	131,513	139,807	140,069	206,917
Preferred share dividends / unit distributions	(12,582)	(16,177)	(25,666)	(32,355)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 118,931	$ 123,630	$ 99,917	$ 174,562
INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 0.58	$ 0.52	$ 0.49	$ 0.69
Income from discontinued operations, net (in dollars per unit)	0	0.09	0	0.17
Net income per Class A unit (in dollars per unit)	$ 0.58	$ 0.61	$ 0.49	$ 0.86
Weighted average units outstanding, basic (in shares)	202,064	201,127	201,997	200,987
INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	$ 0.58	$ 0.52	$ 0.48	$ 0.69
Income from discontinued operations, net (in dollars per unit)	0	0.09	0	0.16
Net income per Class A unit (in dollars per unit)	$ 0.58	$ 0.61	$ 0.48	$ 0.85
Weighted average units outstanding, diluted (in shares)	203,354	202,623	203,266	202,617
DISTRIBUTIONS PER CLASS A UNIT (in dollars per share)	$ 0.63	$ 0.71	$ 1.26	$ 1.42

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 105,338	$ 147,484	$ 105,620	$ 221,331
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other	2,908	(1,204)	13,166	4,638
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	390	(980)	736	(1,031)
Reduction in unrealized net gain on available-for-sale securities	0	(1,206)	0	(16,215)
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	0	0	0	9,268
Comprehensive income	108,636	144,094	119,522	217,991
Less comprehensive loss (income) attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries	18,525	(15,173)	27,269	(25,142)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	127,161	128,921	146,791	192,849
Vornado Realty L.P.
Net income	105,338	147,484	105,620	221,331
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other	2,908	(1,204)	13,166	4,638
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	390	(980)	736	(1,031)
Reduction in unrealized net gain on available-for-sale securities	0	(1,206)	0	(16,215)
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	0	0	0	9,268
Comprehensive income	108,636	144,094	119,522	217,991
Less comprehensive loss (income) attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries	26,175	(7,677)	34,449	(14,414)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 134,811	$ 136,417	$ 153,971	$ 203,577

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Shares	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Income	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Non- controlling Interests in Consolidated SubsidiariesOther	Vornado Realty L.P.	Vornado Realty L.P.Real estate fund investments	Vornado Realty L.P.Other	Vornado Realty L.P.Preferred Shares	Vornado Realty L.P.Class A Units Owned by Vornado	Vornado Realty L.P.Earnings Less Than Distributions	Vornado Realty L.P.Accumulated Other Comprehensive Income	Vornado Realty L.P.Non- controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesOther	Series G & I Preferred Stock	Series G & I Preferred StockVornado Realty L.P.	Series G & I Preferred StockVornado Realty L.P.Earnings Less Than Distributions
Beginning balance, shares at Dec. 31, 2016				42,825	189,101										42,825	189,101
Beginning balance, value at Dec. 31, 2016	$ 7,618,496			$ 1,038,055	$ 7,542	$ 7,153,332	$ (1,419,382)	$ 118,972	$ 719,977			$ 7,618,496			$ 1,038,055	$ 7,160,874	$ (1,419,382)	$ 118,972	$ 719,977
Net income attributable to Vornado / Vornado Realty L.P.	195,982						195,982					206,917					206,917
Net income attributable to redeemable partnership units	(10,935)											(10,935)					(10,935)
Net income attributable to noncontrolling interests in consolidated subsidiaries	14,414	$ 8,198							14,414			14,414							14,414
Dividends on common shares	(268,817)						(268,817)
Distributions to Vornado												(268,817)					(268,817)
Dividends on preferred shares / Distributions to preferred unitholders	(32,258)						(32,258)					(32,258)					(32,258)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					249											249
Upon redemption of Class A units, at redemption value, value	25,562				$ 10	25,552						25,562				$ 25,562
Under Vornado's employees' share option plan, shares					103											103
Under Vornado's employees' share option plan, value	8,846				$ 4	8,842						8,846				$ 8,846
Under Vornado's dividend reinvestment plan, shares					8											8
Under Vornado's dividend reinvestment plan, value	780					780						780				$ 780
Contributions:
Contributions	991								991			991							991
Distributions:
Distributions	(18,078)	(6,200)	$ (1,339)							$ (6,200)	$ (1,339)		$ (6,200)	$ (1,339)						$ (6,200)	$ (1,339)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(2)	2										(2)	2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (44)		44						0			$ (44)	$ 44
Deferred compensation shares and options, shares					2											2
Deferred compensation shares and options, value	791					1,076	(285)					791				$ 1,076	(285)
Reduction in unrealized net gain on available-for-sale securities	(16,215)							(16,215)				(16,215)						(16,215)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	9,268							9,268				9,268						9,268
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(1,031)							(1,031)				(1,031)						(1,031)
Increase in value of interest rate swaps	4,636							4,636				4,636						4,636
Adjustments to carry redeemable Class A units at redemption value	90,208					90,208						90,208				$ 90,208
Redeemable noncontrolling interests' share of above adjustments	207							207				207						207
Other, value	(91)						(46)	2	(47)			(91)					(46)	2	(47)
Ending balance, shares at Jun. 30, 2017				42,823	189,465										42,823	189,465
Ending balance, value at Jun. 30, 2017	7,644,230			$ 1,038,011	$ 7,556	7,279,834	(1,524,806)	115,839	727,796			7,644,230			$ 1,038,011	$ 7,287,390	(1,524,806)	115,839	727,796
Beginning balance, value at Mar. 31, 2017								119,019
Net income attributable to Vornado / Vornado Realty L.P.	132,101											139,807
Net income attributable to redeemable partnership units	(7,706)
Net income attributable to noncontrolling interests in consolidated subsidiaries	7,677	4,695										7,677
Distributions:
Reduction in unrealized net gain on available-for-sale securities	(1,206)											(1,206)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0											0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(980)											(980)
Ending balance, shares at Jun. 30, 2017				42,823	189,465										42,823	189,465
Ending balance, value at Jun. 30, 2017	7,644,230			$ 1,038,011	$ 7,556	7,279,834	(1,524,806)	115,839	727,796			7,644,230			$ 1,038,011	$ 7,287,390	(1,524,806)	115,839	727,796
Cumulative effect of accounting change (see Note 3)	14,519						122,893	(108,374)				14,519					122,893	(108,374)
Beginning balance, shares at Dec. 31, 2017				36,800	189,984										36,800	189,984
Beginning balance, value at Dec. 31, 2017	5,007,701			$ 891,988	$ 7,577	7,492,658	(4,183,253)	128,682	670,049			5,007,701			$ 891,988	$ 7,500,235	(4,183,253)	128,682	670,049
Net income attributable to Vornado / Vornado Realty L.P.	133,748						133,748					140,069					140,069
Net income attributable to redeemable partnership units	(6,321)											(6,321)					(6,321)
Net income attributable to noncontrolling interests in consolidated subsidiaries	(34,449)	(34,896)							(34,449)			(34,449)							(34,449)
Dividends on common shares	(239,594)						(239,594)
Distributions to Vornado												(239,594)					(239,594)
Dividends on preferred shares / Distributions to preferred unitholders	(25,569)						(25,569)					(25,569)					(25,569)
Preferred share issuance costs	(14,486)						(14,486)															$ (14,486)	$ (14,486)	$ (14,486)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					176											176
Upon redemption of Class A units, at redemption value, value	12,246				$ 7	12,239						12,246				$ 12,246
Under Vornado's employees' share option plan, shares					61											61
Under Vornado's employees' share option plan, value	3,786				$ 3	3,783						3,786				$ 3,786
Under Vornado's dividend reinvestment plan, shares					10											10
Under Vornado's dividend reinvestment plan, value	685					685						685				$ 685
Contributions:
Contributions		45,347	14,211							45,347	14,211		45,347	14,211						45,347	14,211
Distributions:
Distributions	(15,891)	(10,246)	$ (23,201)							$ (10,246)	$ (23,201)		$ (10,246)	$ (23,201)						$ (10,246)	$ (23,201)
Preferred unit issuance												(663)			$ (663)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	(663)			$ (663)
Deferred compensation shares and options, shares					7											7
Deferred compensation shares and options, value	464					585	(121)					464				$ 585	(121)
Reduction in unrealized net gain on available-for-sale securities	0											0
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0											0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	736							736				736						736
Increase in value of interest rate swaps	13,166							13,166				13,166						13,166
Unearned 2015 Out-Performance Plan awards acceleration	9,046					9,046						9,046				9,046
Adjustments to carry redeemable Class A units at redemption value	36,450					36,450						36,450				36,450
Redeemable noncontrolling interests' share of above adjustments	(859)							(859)				(859)						(859)
Other, value	549					547	1		1			549				$ 547	1		1
Ending balance, shares at Jun. 30, 2018				36,800	190,238										36,800	190,238
Ending balance, value at Jun. 30, 2018	4,943,587			$ 891,325	$ 7,587	7,555,993	(4,206,381)	33,351	661,712			4,943,587			$ 891,325	$ 7,563,580	(4,206,381)	33,351	661,712
Beginning balance, value at Mar. 31, 2018								30,258
Net income attributable to Vornado / Vornado Realty L.P.	124,068											131,513
Net income attributable to redeemable partnership units	(7,445)
Net income attributable to noncontrolling interests in consolidated subsidiaries	(26,175)	$ (29,527)										(26,175)
Distributions:
Reduction in unrealized net gain on available-for-sale securities	0											0
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0											0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	390											390
Ending balance, shares at Jun. 30, 2018				36,800	190,238										36,800	190,238
Ending balance, value at Jun. 30, 2018	$ 4,943,587			$ 891,325	$ 7,587	$ 7,555,993	$ (4,206,381)	$ 33,351	$ 661,712			$ 4,943,587			$ 891,325	$ 7,563,580	$ (4,206,381)	$ 33,351	$ 661,712

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 105,620	$ 221,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	233,748	289,898
Distributions of income from partially owned entities	45,999	44,778
Net realized and unrealized losses on real estate fund investments	30,426	6,201
Other non-cash adjustments	24,320	30,070
Net gains on disposition of wholly owned and partially owned assets	(23,559)	(501)
Amortization of below-market leases, net	(21,107)	(24,391)
Return of capital from real estate fund investments	20,291	0
Decrease in fair value of marketable securities	17,102	0
Straight-lining of rents	(10,122)	(28,581)
Equity in net loss (income) of partially owned entities	1,147	(47,721)
Net gains on sale of real estate and other	0	(2,267)
Changes in operating assets and liabilities:
Real estate fund investments	(68,950)	0
Tenant and other receivables, net	(7,511)	3,974
Prepaid assets	(19,092)	(146,770)
Other assets	(114,881)	(5,606)
Accounts payable and accrued expenses	(11,036)	(6,029)
Other liabilities	38,865	(18,169)
Net cash provided by operating activities	241,260	316,217
Cash Flows from Investing Activities:
Development costs and construction in progress	(185,039)	(191,073)
Additions to real estate	(113,300)	(139,611)
Distributions of capital from partially owned entities	81,997	113,507
Acquisitions of real estate and other	(56,500)	(11,841)
Proceeds from sales of real estate and related investments	44,599	5,180
Investments in partially owned entities	(26,663)	(27,720)
Proceeds from repayments of mortgage loans receivable	0	29
Net cash used in investing activities	(254,906)	(251,529)
Cash Flows from Financing Activities:
Redemption of preferred shares / units	(470,000)	0
Dividends paid on common shares / Distributions to Vornado	(239,594)	(268,817)
Proceeds from borrowings	189,042	226,929
Repayments of borrowings	(148,408)	(13,971)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	59,558	991
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(49,338)	(25,617)
Dividends paid on preferred shares / Distributions to preferred unitholders	(30,047)	(32,258)
Proceeds received from exercise of employee share options and other / Proceeds received from exercise of Vornado stock options and other	4,471	9,626
Debt issuance costs	(3,289)	(2,919)
Debt prepayment and extinguishment costs	(818)	0
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(784)	(285)
Net cash used in financing activities	(689,207)	(106,321)
Net decrease in cash and cash equivalents and restricted cash	(702,853)	(41,633)
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,322
Cash and cash equivalents and restricted cash at end of period	1,211,959	1,557,689
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,817,655	1,501,027
Restricted cash at beginning of period	97,157	95,032
Restricted cash included in discontinued operations at beginning of period	0	3,263
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,322
Cash and cash equivalents at end of period	1,090,791	1,471,303
Restricted cash at end of period	121,168	82,651
Restricted cash included in discontinued operations at end of period	0	3,735
Cash and cash equivalents and restricted cash at end of period	1,211,959	1,557,689
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $28,558 and $20,050	155,875	175,718
Cash payments for income taxes	4,365	3,151
Non-Cash Investing and Financing Activities:
Accrued capital expenditures included in accounts payable and accrued expenses	54,176	59,733
Write-off of fully depreciated assets	(38,117)	(35,727)
Adjustments to carry redeemable Class A units at redemption value	36,450	90,208
Reduction in unrealized net gain on available-for-sale securities	0	(16,215)
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	105,620	221,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	233,748	289,898
Distributions of income from partially owned entities	45,999	44,778
Net realized and unrealized losses on real estate fund investments	30,426	6,201
Other non-cash adjustments	24,320	30,070
Net gains on disposition of wholly owned and partially owned assets	(23,559)	(501)
Amortization of below-market leases, net	(21,107)	(24,391)
Return of capital from real estate fund investments	20,291	0
Decrease in fair value of marketable securities	17,102	0
Straight-lining of rents	(10,122)	(28,581)
Equity in net loss (income) of partially owned entities	1,147	(47,721)
Net gains on sale of real estate and other	0	(2,267)
Changes in operating assets and liabilities:
Real estate fund investments	(68,950)	0
Tenant and other receivables, net	(7,511)	3,974
Prepaid assets	(19,092)	(146,770)
Other assets	(114,881)	(5,606)
Accounts payable and accrued expenses	(11,036)	(6,029)
Other liabilities	38,865	(18,169)
Net cash provided by operating activities	241,260	316,217
Cash Flows from Investing Activities:
Development costs and construction in progress	(185,039)	(191,073)
Additions to real estate	(113,300)	(139,611)
Distributions of capital from partially owned entities	81,997	113,507
Acquisitions of real estate and other	(56,500)	(11,841)
Proceeds from sales of real estate and related investments	44,599	5,180
Investments in partially owned entities	(26,663)	(27,720)
Proceeds from repayments of mortgage loans receivable	0	29
Net cash used in investing activities	(254,906)	(251,529)
Cash Flows from Financing Activities:
Redemption of preferred shares / units	(470,000)	0
Dividends paid on common shares / Distributions to Vornado	(239,594)	(268,817)
Proceeds from borrowings	189,042	226,929
Repayments of borrowings	(148,408)	(13,971)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	59,558	991
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(49,338)	(25,617)
Dividends paid on preferred shares / Distributions to preferred unitholders	(30,047)	(32,258)
Proceeds received from exercise of employee share options and other / Proceeds received from exercise of Vornado stock options and other	4,471	9,626
Debt issuance costs	(3,289)	(2,919)
Debt prepayment and extinguishment costs	(818)	0
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(784)	(285)
Net cash used in financing activities	(689,207)	(106,321)
Net decrease in cash and cash equivalents and restricted cash	(702,853)	(41,633)
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,322
Cash and cash equivalents and restricted cash at end of period	1,211,959	1,557,689
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,817,655	1,501,027
Restricted cash at beginning of period	97,157	95,032
Restricted cash included in discontinued operations at beginning of period	0	3,263
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,322
Cash and cash equivalents at end of period	1,090,791	1,471,303
Restricted cash at end of period	121,168	82,651
Restricted cash included in discontinued operations at end of period	0	3,735
Cash and cash equivalents and restricted cash at end of period	1,211,959	1,557,689
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $28,558 and $20,050	155,875	175,718
Cash payments for income taxes	4,365	3,151
Non-Cash Investing and Financing Activities:
Accrued capital expenditures included in accounts payable and accrued expenses	54,176	59,733
Write-off of fully depreciated assets	(38,117)	(35,727)
Adjustments to carry redeemable Class A units at redemption value	36,450	90,208
Reduction in unrealized net gain on available-for-sale securities	$ 0	$ (16,215)

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Capitalized interest	$ 28,558	$ 20,050
Vornado Realty L.P.
Capitalized interest	$ 28,558	$ 20,050

Organization

Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Vornado Realty Trust (“Vornado”) is a fully integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in, the Operating Partnership as of June 30, 2018 . All references to the “Company,” “we,” “us,” and “our” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Basis of Presentation [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three and six months ended June 30, 2017 , an expense of $789,000 and $3,258,000 , respectively, related to the mark-to-market of our deferred compensation plan liability was reclassified from "general and administrative expenses" to "expense from deferred compensation plan liability" and income of $789,000 and $3,258,000 , respectively, related to the mark-to-market of our deferred compensation plan assets was reclassified from "interest and other investment income, net" to "income from deferred compensation plan assets" on our consolidated statements of income. In addition, for the six months ended June 30, 2017 , an expense of $1,062,000 related to New York City Unincorporated Business Tax was reclassified from "general and administrative expenses" to "income tax (expense) benefit" on our consolidated statements of income.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We adopted this standard effective January 1, 2018 using the modified retrospective method applied to all existing contracts not yet completed as of January 1, 2018 and recorded a $14,519,000 cumulative-effect adjustment to beginning accumulated deficit. The adoption of ASC 606 did not have a material impact on our financial statements (see Note 4 - Revenue Recognition ). 3 . Recently Issued Accounting Literature - continued In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach. While the adoption of this update requires us to continue to measure "marketable securities" at fair value on each reporting date, the changes in fair value will be recognized in current period earnings as opposed to "other comprehensive income (loss)." As a result, on January 1, 2018 we recorded a decrease to beginning accumulated deficit of $111,225,000 to recognize the unrealized gains previously recorded in "accumulated other comprehensive income" on our consolidated balance sheets. Subsequent changes in the fair value of our marketable securities will be recorded to "interest and other investment income, net" on our consolidated statements of income. For the three and six months ended June 30, 2018 , we recorded a $15,884,000 increase and $17,102,000 decrease, respectively, in the fair value of our marketable securities which is included in "interest and other investment income, net" on our consolidated statements of income. In February 2016, the FASB issued an update ("ASU 2016-02") establishing ASC Topic 842, Leases , as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis upon adoption of this standard. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. During the three and six months ended June 30, 2018 and 2017 , we capitalized internal leasing costs of $1,358,000 and $2,706,000 , and $ 1,241,000 and $ 2,214,000 respectively, excluding our former Washington, DC segment which was spun-off on July 17, 2017. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard. In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition, as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update on January 1, 2018 using the modified retrospective approach applied to all contracts not yet completed. The adoption of this update did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued an update (“ASU 2017-09”) Scope of Modification Accounting to ASC Topic 718, Compensation - Stock Compensation ("ASC 718"). ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. ASU 2017-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this update on January 1, 2018 did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging ("ASC 815"). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of "other comprehensive income (loss)." ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We early adopted ASU 2017-12 on January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition On January 1, 2018, we adopted ASC 606 which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard requires us to recognize for certain of our revenue sources the transfer of promised goods or services to customers in an amount that reflects the consideration we are entitled to in exchange for those goods or services. We adopted this standard effective January 1, 2018 using the modified retrospective method applied to all existing contracts not yet completed as of January 1, 2018 and recorded a $14,519,000 cumulative-effect adjustment to beginning accumulated deficit. The adoption of ASC 606 did not have a material impact on our consolidated financial statements. Our revenues primarily consist of property rentals, tenant expense reimbursements, and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the "New York" segment. We have the following revenue sources and revenue recognition policies: • Base rent is revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Hotel revenue arising from the operation of Hotel Pennsylvania consists of rooms revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been transferred. • Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows. • Operating expense reimbursements is revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the common areas of our properties. Revenue is recognized in the same period as the related expenses are incurred. • Tenant services is revenue arising from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred. • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities, and includes Building Maintenance Service ("BMS") cleaning, engineering and security services. This revenue is recognized as the services are transferred. Fee and other income also includes lease termination fee income which is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term. 4 . Revenue Recognition - continued Below is a summary of our revenues by segment. Base rent, operating expense reimbursements and lease terminations represent revenues from leases and are recognized in accordance with ASC Topic 840, Leases . Revenues from Hotel Pennsylvania, trade shows, tenant services, BMS cleaning fees, management and leasing fees and other income represent revenues recognized in accordance with ASC 606. Additional financial information related to these reportable segments for the three and six months ended June 30, 2018 and 2017 is set forth in Note 22 - Segment Information . (Amounts in thousands) For the Three Months Ended June 30, 2018 For the Three Months Ended June 30, 2017 Total New York Other Total New York Other Base rent $ 405,927 $ 343,084 $ 62,843 $ 393,116 $ 334,476 $ 58,640 Hotel Pennsylvania 27,082 27,082 — 24,986 24,986 — Trade shows 11,586 — 11,586 10,541 — 10,541 Property rentals 444,595 370,166 74,429 428,643 359,462 69,181 Operating expense reimbursements 44,784 40,356 4,428 39,014 35,510 3,504 Tenant services 13,528 10,394 3,134 12,643 10,031 2,612 Tenant expense reimbursements 58,312 50,750 7,562 51,657 45,541 6,116 BMS cleaning fees 30,867 33,407 (2,540 ) 24,425 26,617 (2,192 ) Management and leasing fees 2,707 2,464 243 2,777 2,465 312 Lease termination fees 804 400 404 1,106 1,062 44 Other income 4,533 1,365 3,168 2,479 1,715 764 Fee and other income 38,911 37,636 1,275 30,787 31,859 (1,072 ) Total consolidated revenues $ 541,818 $ 458,552 $ 83,266 $ 511,087 $ 436,862 $ 74,225 (Amounts in thousands) For the Six Months Ended June 30, 2018 For the Six Months Ended June 30, 2017 Total New York Other Total New York Other Base rent $ 812,490 $ 687,758 $ 124,732 $ 776,956 $ 660,157 $ 116,799 Hotel Pennsylvania 41,754 41,754 — 37,627 37,627 — Trade shows 30,461 — 30,461 28,952 — 28,952 Property rentals 884,705 729,512 155,193 843,535 697,784 145,751 Operating expense reimbursements 92,652 85,082 7,570 85,389 78,466 6,923 Tenant services 25,970 20,158 5,812 25,301 20,614 4,687 Tenant expense reimbursements 118,622 105,240 13,382 110,690 99,080 11,610 BMS cleaning fees 59,222 63,560 (4,338 ) 49,496 52,740 (3,244 ) Management and leasing fees 5,471 4,945 526 5,052 4,492 560 Lease termination fees 1,149 708 441 4,956 4,789 167 Other income 9,086 3,071 6,015 5,416 4,216 1,200 Fee and other income 74,928 72,284 2,644 64,920 66,237 (1,317 ) Total consolidated revenues $ 1,078,255 $ 907,036 $ 171,219 $ 1,019,145 $ 863,101 $ 156,044

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisition	Acquisition On February 9, 2018, we acquired 537 West 26th Street, a 14,000 square foot commercial property adjacent to our 260 Eleventh Avenue office property and 55,000 square feet of additional zoning air rights, for $44,000,000 .

Real Estate Fund Investments

Real Estate Fund Investments	6 Months Ended
	Jun. 30, 2018
Real Estate Fund Investments [Abstract]
Real Estate Fund Investments	Real Estate Fund Investments . We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight -year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three -year investment period ended in July 2013 . The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. On January 17, 2018, the Fund completed the sale of the retail condominium at 11 East 68th Street, a property located on Madison Avenue and 68th Street, for $82,000,000 . From the inception of this investment through its disposition, the Fund realized a $46,259,000 net gain. In March 2011, a joint venture (the "Joint Venture") owned 64.7% by the Fund, 30.3% by Vornado and 5.0% by a third party, acquired One Park Avenue for $394,000,000 . In connection with the acquisition, the Joint Venture paid $3,000,000 of New York City real property transfer tax (the "Transfer Tax") and filed a Real Property Tax Return ("RPTR") with the New York City Department of Finance (the "Department of Finance"). The RPTR was audited by the Department of Finance in 2014 and an increased Transfer Tax was assessed. The Joint Venture appealed the increased Transfer Tax assessment and the Joint Venture's appeal was upheld by a New York City Administrative Law Judge ("ALJ") in January 2017. The Department of Finance appealed the ALJ's decision and on February 16, 2018 the New York City Tax Appeals Tribunal (the "Tax Tribunal") reversed the ALJ's decision and assessed $9,491,000 of additional Transfer Tax and $6,764,000 of interest. As a result of the Tax Tribunal's decision, we recorded an expense of $15,608,000 , before noncontrolling interests, during the first quarter of 2018, which was subsequently paid on April 5, 2018, in order to permit us to appeal the Tax Tribunal's decision and stop the accrual of interest, of which $10,630,000 is included in "(loss) income from real estate fund investments" and $4,978,000 is included in "income (loss) from partially owned entities" (see Note 8 - Investments in Partially Owned Entities ) on our consolidated statements of income. We are appealing the Tax Tribunal's decision. On April 19, 2018, the joint venture between the Fund and the Crowne Plaza Joint Venture completed a $255,000,000 refinancing of the Crowne Plaza Times Square Hotel. The interest-only loan is at LIBOR plus 3.51% ( 5.56% at June 30, 2018 ) and matures in May 2020 with three one -year extension options. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00% . The Crowne Plaza Times Square Hotel was previously encumbered by a $310,000,000 interest-only mortgage at LIBOR plus 2.80% , which was scheduled to mature in December 2018. As of June 30, 2018 , we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $373,039,000 , or $47,475,000 in excess of cost, and had remaining unfunded commitments of $50,494,000 , of which our share was $16,119,000 . At December 31, 2017, we had five real estate fund investments with an aggregate fair value of $354,804,000 . 6 . Real Estate Fund Investments - continued Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Net investment income $ 539 $ 3,646 $ 3,273 $ 10,860 Net unrealized (loss) gain on held investments (29,513 ) 745 (29,513 ) (6,442 ) Net realized (loss) gain on exited investments (2 ) — (913 ) 241 Transfer Tax — — (10,630 ) — (Loss) income from real estate fund investments (28,976 ) 4,391 (37,783 ) 4,659 Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries 29,527 (4,695 ) 34,896 (8,198 ) Income (loss) from real estate fund investments attributable to the Operating Partnership (six months ended June 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest) (1) 551 (304 ) (2,887 ) (3,539 ) Less (income) loss attributable to noncontrolling interests in the Operating Partnership (34 ) 19 178 221 Income (loss) from real estate fund investments attributable to Vornado $ 517 $ (285 ) $ (2,709 ) $ (3,318 ) ____________________ (1) Excludes management and leasing fees of $1,104 and $1,381 for the three months ended June 30, 2018 and 2017 , respectively, and $1,906 and $2,381 for the six months ended June 30, 2018 and 2017 , respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2018
Marketable Securities [Abstract]
Marketable Securities	Marketable Securities Our portfolio of marketable securities is comprised of equity securities that are presented on our consolidated balance sheets at fair value. On January 1, 2018, we adopted ASU 2016-01, which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in "accumulated other comprehensive income" on our consolidated balance sheets. As a result, on January 1, 2018 we recorded a decrease to beginning accumulated deficit of $111,225,000 to recognize the unrealized gains previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other investment income, net” on our consolidated statements of income. Below is a summary of our marketable securities portfolio as of June 30, 2018 and December 31, 2017 . (Amounts in thousands) Fair Value at Decrease in June 30, 2018 December 31, 2017 Fair Value (1) Equity securities: Lexington Realty Trust $ 161,234 $ 178,226 $ (16,992 ) Other 4,416 4,526 (110 ) $ 165,650 $ 182,752 $ (17,102 ) ____________________ (1) The decrease in fair value of our marketable securities for the six months ended June 30, 2018 is included in "interest and other investment income, net" on our consolidated statements of income (see Note 18 - Interest and Other Investment Income, Net ).

Investments in Partially Owned

Investments in Partially Owned Entities	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	Investments in Partially Owned Entities Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of June 30, 2018 , we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, lease and develop Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of June 30, 2018 , the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements (“ASC 820”)) of our investment in Alexander’s, based on Alexander’s June 29, 2018 quarter ended closing share price of $382.63 , was $632,896,000 , or $518,128,000 in excess of the carrying amount on our consolidated balance sheet. As of June 30, 2018 , the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $39,140,000 . The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income. The basis difference related to the land will be recognized upon disposition of our investment. Alexander's paid $3,971,000 of Transfer Tax upon the November 2012 sale of its Kings Plaza Regional Shopping Center located in Brooklyn, New York. Alexander's accrued $23,797,000 of potential additional Transfer Tax and related interest based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 6 - Real Estate Fund Investments for details) during the first quarter of 2018 which was subsequently paid on April 5, 2018 in order to preserve Alexander's rights to continue litigation and stop accrual of interest, of which our 32.4% share is $7,708,000 and is included in "income (loss) from partially owned entities" on our consolidated statements of income. Urban Edge Properties (“UE”) (NYSE: UE) As of June 30, 2018 , we own 5,717,184 UE operating partnership units, representing a 4.5% ownership interest in UE. We account for our investment in UE under the equity method and record our share of UE’s net income or loss on a one -quarter lag basis. In 2018 and 2017 , we provided UE with information technology support. UE is providing us with leasing and property management services for (i) certain small retail properties that we plan to sell, and (ii) our affiliate, Alexander’s, Rego Park retail assets. As of June 30, 2018 , the fair value of our investment in UE, based on UE’s June 29, 2018 quarter ended closing share price of $22.87 , was $130,752,000 , or $86,792,000 in excess of the carrying amount on our consolidated balance sheet. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) As of June 30, 2018 , we own 6,250,000 PREIT operating partnership units, representing an 8.0% interest in PREIT. We account for our investment in PREIT under the equity method and record our share of PREIT’s net income or loss on a one-quarter lag basis. As of June 30, 2018 , the fair value of our investment in PREIT, based on PREIT’s June 29, 2018 quarter ended closing share price of $10.99 , was $68,688,000 or $ 5,448,000 in excess of the carrying amount on our consolidated balance sheet. As of June 30, 2018 , the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $33,782,000 . The majority of this basis difference resulted from the excess of the fair value of the PREIT operating units received over our share of the book value of PREIT’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of PREIT’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in PREIT’s net loss. The basis difference related to the land will be recognized upon disposition of our investment. 8 . Investments in Partially Owned Entities - continued Independence Plaza We have a 50.1% economic interest in a joint venture that owns Independence Plaza, a three -building 1,327 unit residential complex in the Tribeca submarket of Manhattan. The joint venture paid $1,730,000 of Transfer Tax upon its acquisition of the property in December 2012. The joint venture accrued $13,103,000 of potential additional Transfer Tax and related interest based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 6 - Real Estate Fund Investments for details) during the first quarter of 2018, which was subsequently paid on April 5, 2018, in order to preserve the joint venture's rights to continue litigation and stop accrual of interest. Because we consolidate the entity that incurred the potential additional Transfer Tax, $13,103,000 of expense is included in "transaction related costs and other" and $6,538,000 is allocated to "noncontrolling interests in consolidated subsidiaries" on our consolidated statements of income. On June 11, 2018, the joint venture completed a $675,000,000 refinancing of Independence Plaza. The seven -year interest-only loan matures in July 2025 and has a fixed rate of 4.25% . Our share of net proceeds, after repayment of the existing 3.48% $550,000,000 mortgage and closing costs, was $ 55,618,000 . Toys "R" Us, Inc. ("Toys") We own 32.5% of Toys. On September 18, 2017, Toys filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. In the second quarter of 2018, Toys liquidated the inventory of its U.S. stores and ceased operations. We carry our Toys investment at zero . Further, we do not hold any debt of Toys and do not guarantee any of Toys’ obligations. For income tax purposes, we carry our investment in Toys as of June 30, 2018 at approximately $420,000,000 , which could result in a tax deduction in future periods. 666 Fifth Avenue Office Condominium On May 29, 2018, we entered into an agreement to sell our 49.5% interest in the 666 Fifth Avenue Office Condominium to our joint venture partner, the Kushner Companies. We will receive net proceeds of approximately $120,000,000 and the financial statement gain is estimated to be $134,000,000 . The net tax gain will be approximately $244,000,000 . We will continue to own all of 666 Fifth Avenue Retail Condominium encompassing the Uniqlo, Tissot and Hollister stores with 125 linear feet of frontage on Fifth Avenue between 52nd and 53rd Street. Concurrently with the sale of our 49.5% interest, the existing $1.4 billion mortgage loan on the property will be repaid and we will receive net proceeds of approximately $58,000,000 for the participation we hold in the mortgage loan. The contract of sale is conditional, is subject to customary closing conditions and is scheduled to close in the third quarter of 2018. There can be no assurance that this transaction will be completed. 8 . Investments in Partially Owned Entities - continued Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of June 30, 2018 December 31, 2017 Investments: Partially owned office buildings/land (1) Various $ 503,240 $ 504,393 Alexander’s 32.4% 114,768 126,400 PREIT 8.0% 63,240 66,572 UE 4.5% 43,960 46,152 Other investments (2) Various 234,593 313,312 $ 959,801 $ 1,056,829 330 Madison Avenue (3) 25.0% $ (56,463 ) $ (53,999 ) 7 West 34th Street (4) 53.0% (49,363 ) (47,369 ) $ (105,826 ) $ (101,368 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 85 Tenth Avenue, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Moynihan Office Building, 666 Fifth Avenue Office Condominium and others. (3) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets. (4) Our negative basis resulted from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets. Below is a schedule of net income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Our share of net income (loss): Alexander's (see page 25 for details): Equity in net income (1) 32.4% $ 6,146 $ 6,690 $ 2,937 $ 13,582 Management, leasing and development fees 1,021 1,507 2,229 3,016 7,167 8,197 5,166 16,598 Partially owned office buildings (2) Various 2,002 236 (2,281 ) 1,046 UE (see page 25 for details): Equity in net income (3) 4.5% 1,038 18,794 321 19,885 Management, leasing and development fees 74 209 150 418 1,112 19,003 471 20,303 PREIT (see page 25 for details): 8.0% (1,068 ) (902 ) (1,497 ) (3,732 ) Other investments (4) Various (456 ) 19,487 (3,006 ) 13,164 $ 8,757 $ 46,021 $ (1,147 ) $ 47,379 ____________________ (1) The six month period ended June 30, 2018 includes our $7,708 share of Alexander's potential additional Transfer Tax. (2) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. The six month period ended June 30, 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 6 - Real Estate Fund Investments ). (3) 2017 includes a $15,900 net gain resulting from UE operating partnership unit issuances. (4) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium and others. In the second quarter of 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions New York On June 21, 2018, we completed the $45,000,000 sale of 27 Washington Square North, which resulted in a net gain of $23,559,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. We acquired the property in December 2015 for $20,000,000 . Discontinued Operations We have reclassified the revenues and expenses of our former Washington, DC segment which was spun off on July 17, 2017 and other related retail assets that were sold or are currently held for sale to "income from discontinued operations" and the related assets and liabilities to "assets related to discontinued operations" and "liabilities related to discontinued operations" for all periods presented in the accompanying financial statements. The tables below set forth the assets and liabilities related to discontinued operations as of June 30, 2018 and December 31, 2017 , and their combined results of operations and cash flows for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) Balance as of June 30, 2018 December 31, 2017 Assets related to discontinued operations: Other assets $ 52 $ 1,357 Liabilities related to discontinued operations: Other liabilities $ 214 $ 3,620 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Income from discontinued operations: Total revenues $ 339 $ 118,939 $ 693 $ 235,222 Total expenses 274 94,510 991 190,222 65 24,429 (298 ) 45,000 Additional net gains on sale of real estate 618 — 618 2,267 JBG SMITH Properties spin-off transaction costs — (6,211 ) — (13,464 ) Income from partially-owned entities — 255 — 342 Pretax income from discontinued operations 683 18,473 320 34,145 Income tax expense — (362 ) — (716 ) Income from discontinued operations $ 683 $ 18,111 $ 320 $ 33,429 (Amounts in thousands) For the Six Months Ended June 30, 2018 2017 Cash flows related to discontinued operations: Cash flows from operating activities $ (1,781 ) $ 83,705 Cash flows from investing activities — (52,740 )

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets and Liabilities	Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of June 30, 2018 and December 31, 2017 . (Amounts in thousands) Balance as of June 30, 2018 December 31, 2017 Identified intangible assets: Gross amount $ 309,776 $ 310,097 Accumulated amortization (163,406 ) (150,837 ) Total, net $ 146,370 $ 159,260 Identified intangible liabilities (included in deferred revenue): Gross amount $ 527,766 $ 530,497 Accumulated amortization (346,474 ) (324,897 ) Total, net $ 181,292 $ 205,600 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $10,526,000 and $12,588,000 for the three months ended June 30, 2018 and 2017 , respectively, and $21,107,000 and $23,704,000 for the six months ended June 30, 2018 and 2017 , respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows: (Amounts in thousands) 2019 $ 29,871 2020 22,213 2021 17,478 2022 14,339 2023 11,661 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $4,876,000 and $6,846,000 for the three months ended June 30, 2018 and 2017 , respectively, and $9,735,000 and $13,827,000 for the six months ended June 30, 2018 and 2017 , respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases, customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2019 is as follows: (Amounts in thousands) 2019 $ 14,994 2020 12,008 2021 11,030 2022 9,477 2023 9,349 We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense (a component of operating expense) of $437,000 and $437,000 for the three months ended June 30, 2018 , and 2017 , respectively, and $874,000 and $874,000 for the six months ended June 30, 2018 and 2017 , respectively. Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows: (Amounts in thousands) 2019 $ 1,747 2020 1,747 2021 1,747 2022 1,747 2023 1,747

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt On January 5, 2018, we completed a $100,000,000 refinancing of 33-00 Northern Boulevard (Center Building), a 471,000 square foot office building in Long Island City, New York. The seven -year loan is at LIBOR plus 1.80% , which was swapped to a fixed rate of 4.14% . We realized net proceeds of approximately $37,200,000 after repayment of the existing 4.43% $59,800,000 mortgage and closing costs. The following is a summary of our debt: (Amounts in thousands) Interest Rate at Balance as of June 30, 2018 December 31, 2017 Mortgages Payable: Fixed rate 3.53% $ 5,009,211 $ 5,461,706 Variable rate 3.89% 3,155,262 2,742,133 Total 3.67% 8,164,473 8,203,839 Deferred financing costs, net and other (55,855 ) (66,700 ) Total, net $ 8,108,618 $ 8,137,139 Unsecured Debt: Senior unsecured notes 4.21% $ 850,000 $ 850,000 Deferred financing costs, net and other (6,583 ) (6,386 ) Senior unsecured notes, net 843,417 843,614 Unsecured term loan 3.24% 750,000 750,000 Deferred financing costs, net and other (506 ) (1,266 ) Unsecured term loan, net 749,494 748,734 Unsecured revolving credit facilities 3.05% 80,000 — Total, net $ 1,672,911 $ 1,592,348

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests / Redeemable Partnership Units	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests / Redeemable Partnership Units	Redeemable Noncontrolling Interests/Redeemable Partnership Units Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. (Amounts in thousands) Balance, December 31, 2016 $ 1,278,446 Net income 10,935 Other comprehensive loss (207 ) Distributions (18,078 ) Redemption of Class A units for Vornado common shares, at redemption value (25,562 ) Adjustments to carry redeemable Class A units at redemption value (90,208 ) Other, net 21,758 Balance, June 30, 2017 $ 1,177,084 Balance, December 31, 2017 $ 984,937 Net income 6,321 Other comprehensive income 859 Distributions (15,891 ) Redemption of Class A units for Vornado common shares, at redemption value (12,246 ) Adjustments to carry redeemable Class A units at redemption value (36,450 ) Other, net 10,511 Balance, June 30, 2018 $ 938,041 As of June 30, 2018 and December 31, 2017 , the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $932,613,000 and $979,509,000 , respectively. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $50,561,000 as of June 30, 2018 and December 31, 2017 . Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Shareholders' Equity_Partners'

Shareholders' Equity/Partners' Capital	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Shareholders' Equity/Partners' Capital	Shareholders' Equity/Partners' Capital On January 4 and 11, 2018, we redeemed all of the outstanding 6.625% Series G and Series I cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $470,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption, and expensed $14,486,000 of previously capitalized issuance costs.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income ("AOCI")	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income ("AOCI")	Accumulated Other Comprehensive Income ("AOCI") The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the Three Months Ended June 30, 2018 Balance as of March 31, 2018 $ 30,258 $ — $ 2,444 $ 36,651 $ (8,837 ) Net current period OCI: OCI before reclassifications 3,093 — 390 2,908 (205 ) Amounts reclassified from AOCI — — — — — 3,093 — 390 2,908 (205 ) Balance as of June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) For the Three Months Ended June 30, 2017 Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841 ) $ 13,908 $ (7,544 ) Net current period OCI: OCI before reclassifications (3,180 ) (1,206 ) (980 ) (1,206 ) 212 Amounts reclassified from AOCI — — — — — (3,180 ) (1,206 ) (980 ) (1,206 ) 212 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821 ) $ 12,702 $ (7,332 ) For the Six Months Ended June 30, 2018 Balance as of December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 ) Cumulative effect of accounting change (see Note 3) (108,374 ) (109,554 ) (1,671 ) 2,851 — Net current period OCI: OCI before reclassifications 13,043 — 736 13,166 (859 ) Amounts reclassified from AOCI — — — — — 13,043 — 736 13,166 (859 ) Balance as of June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) For the Six Months Ended June 30, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058 ) $ 8,066 $ (7,541 ) Net current period OCI: OCI before reclassifications (12,401 ) (16,215 ) (1,031 ) 4,636 209 Amounts reclassified from AOCI 9,268 — 9,268 (1) — — (3,133 ) (16,215 ) 8,237 4,636 209 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821 ) $ 12,702 $ (7,332 ) ____________________ (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	6 Months Ended
	Jun. 30, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of June 30, 2018 and December 31, 2017 , we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 8 – Investments in Partially Owned Entities ). As of June 30, 2018 and December 31, 2017 , the net carrying amount of our investments in these entities was $304,859,000 and $352,925,000 , respectively, and our maximum exposure to loss in these entities is limited to our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), real estate fund investments, and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all of their significant business activities. As of June 30, 2018 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,578,768,000 and $1,811,269,000 , respectively. As of December 31, 2017 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,561,062,000 and $1,753,798,000 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units, Series D-13 cumulative redeemable preferred units, and 6.625% Series G and Series I cumulative redeemable preferred shares/units which were redeemed on January 4 and 11, 2018 (see Note 13 - Shareholders' Equity/Partners' Capital )). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of June 30, 2018 and December 31, 2017 , respectively. (Amounts in thousands) As of June 30, 2018 Total Level 1 Level 2 Level 3 Marketable securities $ 165,650 $ 165,650 $ — $ — Real estate fund investments 373,039 — — 373,039 Deferred compensation plan assets ($4,375 included in restricted cash and $95,993 in other assets) 100,368 60,498 — 39,870 Interest rate swaps (included in other assets) 39,584 — 39,584 — Total assets $ 678,641 $ 226,148 $ 39,584 $ 412,909 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — (Amounts in thousands) As of December 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 182,752 $ 182,752 $ — $ — Real estate fund investments 354,804 — — 354,804 Deferred compensation plan assets ($11,545 included in restricted cash and $97,632 in other assets) 109,177 69,049 — 40,128 Interest rate swaps (included in other assets) 27,472 — 27,472 — Total assets $ 674,205 $ 251,801 $ 27,472 $ 394,932 Mandatorily redeemable instruments (included in other liabilities) $ 520,561 $ 520,561 $ — $ — Interest rate swaps (included in other liabilities) 1,052 — 1,052 — Total liabilities $ 521,613 $ 520,561 $ 1,052 $ — 16 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of June 30, 2018 , we had four real estate fund investments with an aggregate fair value of $373,039,000 , or $47,475,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 0.5 to 4.5 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property is calculated by discounting the future cash flows (including the projected sales proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of June 30, 2018 and December 31, 2017 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Discount rates 10.0% to 15.0% 2.0% to 14.9% 13.1% 11.9% Terminal capitalization rates 5.1% to 6.4% 4.7% to 6.7% 5.7% 5.5% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Beginning balance $ 336,552 $ 454,946 $ 354,804 $ 462,132 Purchases 66,000 — 68,950 — Net unrealized (loss) gain on held investments (29,513 ) 745 (29,513 ) (6,442 ) Dispositions — — (20,291 ) — Net realized (loss) gain on exited investments (2 ) — (913 ) 241 Other, net 2 1 2 (239 ) Ending balance $ 373,039 $ 455,692 $ 373,039 $ 455,692 16 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Beginning balance $ 39,485 $ 56,910 $ 40,128 $ 57,444 Sales (1,874 ) (9,375 ) (3,509 ) (12,112 ) Purchases 1,619 1,350 1,633 1,813 Realized and unrealized gains 34 830 712 1,905 Other, net 606 134 906 799 Ending balance $ 39,870 $ 49,849 $ 39,870 $ 49,849 Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of June 30, 2018 and December 31, 2017 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2018 and December 31, 2017 . (Amounts in thousands) As of June 30, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 851,306 $ 851,000 $ 1,500,227 $ 1,500,000 Debt: Mortgages payable $ 8,164,473 $ 8,112,000 $ 8,203,839 $ 8,194,000 Senior unsecured notes 850,000 847,000 850,000 878,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 80,000 80,000 — — Total $ 9,844,473 (1) $ 9,789,000 $ 9,803,839 (1) $ 9,822,000 ____________________ (1) Excludes $62,944 and $74,352 of deferred financing costs, net and other as of June 30, 2018 and December 31, 2017 , respectively.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation Vornado’s 2010 Omnibus Share Plan (the "Plan") provides the Compensation Committee of our Board of Trustees (the "Committee") the ability to grant incentive and non-qualified Vornado stock options, restricted stock, restricted Operating Partnership units, out-performance plan awards and appreciation-only long-term incentive plan units ("AO LTIP Units") to certain of our employees and officers. We account for all equity-based compensation in accordance with ASC 718. Equity-based compensation expense, a component of "general and administrative" expenses on our consolidated statements of income, was $6,976,000 and $6,724,000 for the three months ended June 30, 2018 and 2017, respectively, and $20,645,000 and $20,283,000 for the six months ended June 30, 2018 and 2017 , respectively. AO LTIP Units On January 12, 2018, the Committee approved the issuance of AO LTIP Units pursuant to the Plan to certain of our officers and employees. In connection with the approval of AO LTIP Units, Vornado, in its capacity as sole general partner of the Operating Partnership, amended the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”) in order to establish the terms of the new class of partnership interests known as AO LTIP Units. AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units vest ratably over four years and have a term of ten years from the grant date. The fair value of the AO LTIP Units on the date of grant was $3,484,000 , of which $622,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $2,862,000 is being amortized into expense over a four -year period from the date of grant using a graded vesting attribution model. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion. 17 . Stock-based Compensation - continued 2018 Outperformance Plan (“2018 OPP”) On March 15, 2018, the Committee approved the 2018 OPP, a multi-year, $35,000,000 performance-based equity compensation plan of which $27,354,000 was granted to senior executives. The fair value of the 2018 OPP granted was $10,283,000 , of which $8,040,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $2,243,000 is being amortized into expense over a five -year period from the date of grant using a graded vesting attribution model. Under the 2018 OPP, participants have the opportunity to earn compensation payable in the form of equity awards if Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to relative total TSR during the three -year performance period (the “Performance Period”) from March 15, 2018 to March 15, 2021 (the “Measurement Date”). Specifically, awards under the 2018 OPP may potentially be earned if Vornado (i) achieves a TSR above a benchmark weighted index (the “Index”) comprised 70% of the SNL US Office REIT Index and 30% of the SNL US Retail Index over the Performance Period (the “Relative Component”), and/or (ii) achieves a TSR greater than 21% over the Performance Period (the “Absolute Component”). The value of awards under the Relative Component and Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years), the amount earned under the Absolute Component will be reduced (and potentially fully negated) based on the degree by which the Index exceeds Vornado’s TSR. In the event awards are earned under the Relative Component, but Vornado fails to achieve a TSR of at least 3% per annum, awards earned under the Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the Measurement Period is 0% or negative. If the designated performance objectives are achieved, awards under the 2018 OPP will vest ratably on the Measurement Date and the first and second anniversary of the Measurement Date. In addition, all of Vornado’s Named Executive Officers (as defined in Vornado’s Proxy Statement filed on Schedule 14A with the Securities and Exchange Commission on April 6, 2018) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2018 OPP accrue during the Performance Period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

Interest and Other Investment (

Interest and Other Investment (Loss) Income, Net	6 Months Ended
	Jun. 30, 2018
Interest and Other Income [Abstract]
Interest and Other Investment (Loss) Income, Net	Interest and Other Investment Income, Net The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Increase (decrease) in fair value of marketable securities: Lexington Realty Trust $ 15,883 $ — $ (16,992 ) $ — Other 1 — (110 ) — 15,884 — (17,102 ) — Interest on loans receivable (1) 6,205 2,102 6,948 2,845 Dividends on marketable securities 3,353 3,307 6,706 6,614 Other, net 5,450 3,132 9,956 5,777 $ 30,892 $ 8,541 $ 6,508 $ 15,236 ____________________ (1) 2018 includes $5,457 of income from a profit participation on the April 2018 sale of 701 Seventh Avenue. We received this kicker in connection with our 25% participation in an October 2012, $137,500 mezzanine loan, which was repaid in January 2014.

Interest and Debt Expense

Interest and Debt Expense	6 Months Ended
	Jun. 30, 2018
Interest and Debt Expense [Abstract]
Interest And Debt Expense	Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Interest expense $ 96,377 $ 88,392 $ 191,165 $ 173,362 Amortization of deferred financing costs 8,034 7,977 16,138 16,546 Capitalized interest and debt expense (16,754 ) (11,580 ) (31,480 ) (22,395 ) $ 87,657 $ 84,789 $ 175,823 $ 167,513

Income Per Share _Income Per Cl

Income Per Share /Income Per Class A Unit	6 Months Ended
	Jun. 30, 2018
Earnings per share
Income Per Share /Income Per Class A Unit	Income Per Share/Income Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 123,427 $ 115,112 $ 133,448 $ 164,631 Income from discontinued operations, net of income attributable to noncontrolling interests 641 16,989 300 31,351 Net income attributable to Vornado 124,068 132,101 133,748 195,982 Preferred share dividends (12,534 ) (16,129 ) (25,569 ) (32,258 ) Preferred share issuance costs — — (14,486 ) — Net income attributable to common shareholders 111,534 115,972 93,693 163,724 Earnings allocated to unvested participating securities (11 ) (13 ) (22 ) (27 ) Numerator for basic income per share 111,523 115,959 93,671 163,697 Impact of assumed conversions: Convertible preferred share dividends 16 20 — — Earnings allocated to Out-Performance Plan units — — 37 233 Numerator for diluted income per share $ 111,539 $ 115,979 $ 93,708 $ 163,930 Denominator: Denominator for basic income per share – weighted average shares 190,200 189,395 190,141 189,304 Effect of dilutive securities (1) : Employee stock options and restricted share awards 930 1,011 934 1,089 Convertible preferred shares 38 38 — — Out-Performance Plan units — — 115 281 Denominator for diluted income per share – weighted average shares and assumed conversions 191,168 190,444 191,190 190,674 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.59 $ 0.52 $ 0.49 $ 0.70 Income from discontinued operations, net — 0.09 — 0.16 Net income per common share $ 0.59 $ 0.61 $ 0.49 $ 0.86 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.58 $ 0.52 $ 0.49 $ 0.70 Income from discontinued operations, net — 0.09 — 0.16 Net income per common share $ 0.58 $ 0.61 $ 0.49 $ 0.86 ____________________ (1) The effect of dilutive securities for the three months ended June 30, 2018 and 2017 excludes an aggregate of 12,299 and 12,268 weighted average common share equivalents, respectively, and 12,252 and 12,125 weighted average common share equivalents for the six months ended June 30, 2018 and 2017 , respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share
Income Per Share /Income Per Class A Unit	Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 130,830 $ 121,696 $ 139,749 $ 173,488 Income from discontinued operations 683 18,111 320 33,429 Net income attributable to Vornado Realty L.P. 131,513 139,807 140,069 206,917 Preferred unit distributions (12,582 ) (16,177 ) (25,666 ) (32,355 ) Preferred unit issuance costs — — (14,486 ) — Net income attributable to Class A unitholders 118,931 123,630 99,917 174,562 Earnings allocated to unvested participating securities (772 ) (742 ) (1,544 ) (1,759 ) Numerator for basic income per Class A unit 118,159 122,888 98,373 172,803 Impact of assumed conversions: Convertible preferred unit distributions 16 20 — — Numerator for diluted income per Class A unit $ 118,175 $ 122,908 $ 98,373 $ 172,803 Denominator: Denominator for basic income per Class A unit – weighted average units 202,064 201,127 201,997 200,987 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,252 1,458 1,269 1,630 Convertible preferred units 38 38 — — Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,354 202,623 203,266 202,617 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.58 $ 0.52 $ 0.49 $ 0.69 Income from discontinued operations, net — 0.09 — 0.17 Net income per Class A unit $ 0.58 $ 0.61 $ 0.49 $ 0.86 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.58 $ 0.52 $ 0.48 $ 0.69 Income from discontinued operations, net — 0.09 — 0.16 Net income per Class A unit $ 0.58 $ 0.61 $ 0.48 $ 0.85 ____________________ (1) The effect of dilutive securities for the three months ended June 30, 2018 and 2017 excludes an aggregate of 112 and 89 weighted average Class A unit equivalents, respectively, and 175 and 182 weighted average Class A unit equivalents for the six months ended June 30, 2018 and 2017 , respectively, as their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake. Our California properties have earthquake insurance with coverage of $260,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Program Reauthorization Act of 2015, which expires in December 2020. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third-party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,601,000 and 18% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. We continue to monitor the state of the insurance market and the scope and cost of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties which are generally non-recourse to us, senior unsecured notes and revolving credit agreements, contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable cost in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties and expand our portfolio. 21 . Commitments and Contingencies - continued Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us. Generally, our mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of June 30, 2018 , the aggregate dollar amount of these guarantees and master leases is approximately $667,000,000 . As of June 30, 2018 , $13,337,000 of letters of credit was outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest rate coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. In September 2016, our 50.1% joint venture with Related Companies ("Related") was designated by Empire State Development ("ESD"), an entity of New York State, to redevelop the historic Farley Post Office Building. The joint venture entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture’s obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As of June 30, 2018 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $34,000,000 . As of June 30, 2018 , we have construction commitments aggregating approximately $342,000,000 . Income Taxes - 220 Central Park South We are constructing a residential condominium tower at 220 Central Park South ("220 CPS"). For income tax purposes, we recognize revenue associated with our 220 CPS project using the percentage of completion method. On May 25, 2018, the 220 CPS condominium offering plan was declared effective by the Attorney General of the State of New York. Accordingly, during the quarter ended June 30, 2018, we recorded a liability (a component of “other liabilities”) and a corresponding asset (a component of “other assets”) of $52,000,000 for estimated Federal, state and local income taxes due September 17, 2018. GAAP revenue associated with our 220 CPS project is recognized under the completed contract method upon closing of the condominium unit sales.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information Net Operating Income ("NOI") represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies. Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Net income $ 105,338 $ 147,484 $ 105,620 $ 221,331 Deduct: (Income) loss from partially owned entities (8,757 ) (46,021 ) 1,147 (47,379 ) Loss (income) from real estate fund investments 28,976 (4,391 ) 37,783 (4,659 ) Interest and other investment income, net (30,892 ) (8,541 ) (6,508 ) (15,236 ) Net gains on disposition of wholly owned and partially owned assets (23,559 ) — (23,559 ) (501 ) Income from discontinued operations (683 ) (18,111 ) (320 ) (33,429 ) NOI attributable to noncontrolling interests in consolidated subsidiaries (17,160 ) (16,269 ) (34,472 ) (32,607 ) Add: Depreciation and amortization expense 111,846 105,123 220,532 210,251 General and administrative expense 34,427 35,405 76,960 81,580 Transaction related costs and other 1,017 260 14,173 1,012 NOI from partially owned entities 65,752 67,016 133,265 133,113 Interest and debt expense 87,657 84,789 175,823 167,513 Income tax expense (benefit) 467 (610 ) 3,021 2,303 NOI at share 354,429 346,134 703,465 683,292 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (12,481 ) (22,475 ) (30,429 ) (42,956 ) NOI at share - cash basis $ 341,948 $ 323,659 $ 673,036 $ 640,336 22 . Segment Information - continued Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended June 30, 2018 Total New York Other Total revenues $ 541,818 $ 458,552 $ 83,266 Operating expenses 235,981 200,903 35,078 NOI - consolidated 305,837 257,649 48,188 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,160 ) (11,560 ) (5,600 ) Add: Our share of NOI from partially owned entities 65,752 49,778 15,974 NOI at share 354,429 295,867 58,562 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (12,481 ) (12,713 ) 232 NOI at share - cash basis $ 341,948 $ 283,154 $ 58,794 (Amounts in thousands) For the Three Months Ended June 30, 2017 Total New York Other Total revenues $ 511,087 $ 436,862 $ 74,225 Operating expenses 215,700 185,712 29,988 NOI - consolidated 295,387 251,150 44,237 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (16,269 ) (11,348 ) (4,921 ) Add: Our share of NOI from partially owned entities 67,016 46,386 20,630 NOI at share 346,134 286,188 59,946 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (22,475 ) (18,297 ) (4,178 ) NOI at share - cash basis $ 323,659 $ 267,891 $ 55,768 (Amounts in thousands) For the Six Months Ended June 30, 2018 Total New York Other Total revenues $ 1,078,255 $ 907,036 $ 171,219 Operating expenses 473,583 398,819 74,764 NOI - consolidated 604,672 508,217 96,455 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (34,472 ) (23,305 ) (11,167 ) Add: Our share of NOI from partially owned entities 133,265 99,551 33,714 NOI at share 703,465 584,463 119,002 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (30,429 ) (30,036 ) (393 ) NOI at share - cash basis $ 673,036 $ 554,427 $ 118,609 (Amounts in thousands) For the Six Months Ended June 30, 2017 Total New York Other Total revenues $ 1,019,145 $ 863,101 $ 156,044 Operating expenses 436,359 368,819 67,540 NOI - consolidated 582,786 494,282 88,504 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (32,607 ) (22,787 ) (9,820 ) Add: Our share of NOI from partially owned entities 133,113 91,848 41,265 NOI at share 683,292 563,343 119,949 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (42,956 ) (36,669 ) (6,287 ) NOI at share - cash basis $ 640,336 $ 526,674 $ 113,662

Recently Issued Accounting Li31

Recently Issued Accounting Literature (Policies)	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three and six months ended June 30, 2017 , an expense of $789,000 and $3,258,000 , respectively, related to the mark-to-market of our deferred compensation plan liability was reclassified from "general and administrative expenses" to "expense from deferred compensation plan liability" and income of $789,000 and $3,258,000 , respectively, related to the mark-to-market of our deferred compensation plan assets was reclassified from "interest and other investment income, net" to "income from deferred compensation plan assets" on our consolidated statements of income. In addition, for the six months ended June 30, 2017 , an expense of $1,062,000 related to New York City Unincorporated Business Tax was reclassified from "general and administrative expenses" to "income tax (expense) benefit" on our consolidated statements of income.
Revenue from Contract with Customer	In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We adopted this standard effective January 1, 2018 using the modified retrospective method applied to all existing contracts not yet completed as of January 1, 2018 and recorded a $14,519,000 cumulative-effect adjustment to beginning accumulated deficit. The adoption of ASC 606 did not have a material impact on our financial statements (see Note 4 - Revenue Recognition ).
Recognition and Measurement of Financial Assets and Liabilities	In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach. While the adoption of this update requires us to continue to measure "marketable securities" at fair value on each reporting date, the changes in fair value will be recognized in current period earnings as opposed to "other comprehensive income (loss)." As a result, on January 1, 2018 we recorded a decrease to beginning accumulated deficit of $111,225,000 to recognize the unrealized gains previously recorded in "accumulated other comprehensive income" on our consolidated balance sheets. Subsequent changes in the fair value of our marketable securities will be recorded to "interest and other investment income, net" on our consolidated statements of income. For the three and six months ended June 30, 2018 , we recorded a $15,884,000 increase and $17,102,000 decrease, respectively, in the fair value of our marketable securities which is included in "interest and other investment income, net" on our consolidated statements of income.
Leases	In February 2016, the FASB issued an update ("ASU 2016-02") establishing ASC Topic 842, Leases , as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis upon adoption of this standard. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. During the three and six months ended June 30, 2018 and 2017 , we capitalized internal leasing costs of $1,358,000 and $2,706,000 , and $ 1,241,000 and $ 2,214,000 respectively, excluding our former Washington, DC segment which was spun-off on July 17, 2017. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard.
Clarifying the Scope of Asset Derecognition	In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition, as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update on January 1, 2018 using the modified retrospective approach applied to all contracts not yet completed. The adoption of this update did not have a material impact on our consolidated financial statements.
Scope of Modification Accounting	In May 2017, the FASB issued an update (“ASU 2017-09”) Scope of Modification Accounting to ASC Topic 718, Compensation - Stock Compensation ("ASC 718"). ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. ASU 2017-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this update on January 1, 2018 did not have a material impact on our consolidated financial statements.
Targeted Improvements to Accounting for Hedging Activities	In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging ("ASC 815"). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of "other comprehensive income (loss)." ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We early adopted ASU 2017-12 on January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Literature	In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We adopted this standard effective January 1, 2018 using the modified retrospective method applied to all existing contracts not yet completed as of January 1, 2018 and recorded a $14,519,000 cumulative-effect adjustment to beginning accumulated deficit. The adoption of ASC 606 did not have a material impact on our financial statements (see Note 4 - Revenue Recognition ). 3 . Recently Issued Accounting Literature - continued In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach. While the adoption of this update requires us to continue to measure "marketable securities" at fair value on each reporting date, the changes in fair value will be recognized in current period earnings as opposed to "other comprehensive income (loss)." As a result, on January 1, 2018 we recorded a decrease to beginning accumulated deficit of $111,225,000 to recognize the unrealized gains previously recorded in "accumulated other comprehensive income" on our consolidated balance sheets. Subsequent changes in the fair value of our marketable securities will be recorded to "interest and other investment income, net" on our consolidated statements of income. For the three and six months ended June 30, 2018 , we recorded a $15,884,000 increase and $17,102,000 decrease, respectively, in the fair value of our marketable securities which is included in "interest and other investment income, net" on our consolidated statements of income. In February 2016, the FASB issued an update ("ASU 2016-02") establishing ASC Topic 842, Leases , as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis upon adoption of this standard. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. During the three and six months ended June 30, 2018 and 2017 , we capitalized internal leasing costs of $1,358,000 and $2,706,000 , and $ 1,241,000 and $ 2,214,000 respectively, excluding our former Washington, DC segment which was spun-off on July 17, 2017. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard. In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition, as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update on January 1, 2018 using the modified retrospective approach applied to all contracts not yet completed. The adoption of this update did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued an update (“ASU 2017-09”) Scope of Modification Accounting to ASC Topic 718, Compensation - Stock Compensation ("ASC 718"). ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. ASU 2017-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this update on January 1, 2018 did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging ("ASC 815"). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of "other comprehensive income (loss)." ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We early adopted ASU 2017-12 on January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.
Revenue Recognition	Our revenues primarily consist of property rentals, tenant expense reimbursements, and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the "New York" segment. We have the following revenue sources and revenue recognition policies: • Base rent is revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Hotel revenue arising from the operation of Hotel Pennsylvania consists of rooms revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been transferred. • Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows. • Operating expense reimbursements is revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the common areas of our properties. Revenue is recognized in the same period as the related expenses are incurred. • Tenant services is revenue arising from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred. • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities, and includes Building Maintenance Service ("BMS") cleaning, engineering and security services. This revenue is recognized as the services are transferred. Fee and other income also includes lease termination fee income which is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term.
Real Estate	We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.
Redeemable Noncontrolling Interests	Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Summary of Revenue Sources by Segment	Below is a summary of our revenues by segment. Base rent, operating expense reimbursements and lease terminations represent revenues from leases and are recognized in accordance with ASC Topic 840, Leases . Revenues from Hotel Pennsylvania, trade shows, tenant services, BMS cleaning fees, management and leasing fees and other income represent revenues recognized in accordance with ASC 606. Additional financial information related to these reportable segments for the three and six months ended June 30, 2018 and 2017 is set forth in Note 22 - Segment Information . (Amounts in thousands) For the Three Months Ended June 30, 2018 For the Three Months Ended June 30, 2017 Total New York Other Total New York Other Base rent $ 405,927 $ 343,084 $ 62,843 $ 393,116 $ 334,476 $ 58,640 Hotel Pennsylvania 27,082 27,082 — 24,986 24,986 — Trade shows 11,586 — 11,586 10,541 — 10,541 Property rentals 444,595 370,166 74,429 428,643 359,462 69,181 Operating expense reimbursements 44,784 40,356 4,428 39,014 35,510 3,504 Tenant services 13,528 10,394 3,134 12,643 10,031 2,612 Tenant expense reimbursements 58,312 50,750 7,562 51,657 45,541 6,116 BMS cleaning fees 30,867 33,407 (2,540 ) 24,425 26,617 (2,192 ) Management and leasing fees 2,707 2,464 243 2,777 2,465 312 Lease termination fees 804 400 404 1,106 1,062 44 Other income 4,533 1,365 3,168 2,479 1,715 764 Fee and other income 38,911 37,636 1,275 30,787 31,859 (1,072 ) Total consolidated revenues $ 541,818 $ 458,552 $ 83,266 $ 511,087 $ 436,862 $ 74,225 (Amounts in thousands) For the Six Months Ended June 30, 2018 For the Six Months Ended June 30, 2017 Total New York Other Total New York Other Base rent $ 812,490 $ 687,758 $ 124,732 $ 776,956 $ 660,157 $ 116,799 Hotel Pennsylvania 41,754 41,754 — 37,627 37,627 — Trade shows 30,461 — 30,461 28,952 — 28,952 Property rentals 884,705 729,512 155,193 843,535 697,784 145,751 Operating expense reimbursements 92,652 85,082 7,570 85,389 78,466 6,923 Tenant services 25,970 20,158 5,812 25,301 20,614 4,687 Tenant expense reimbursements 118,622 105,240 13,382 110,690 99,080 11,610 BMS cleaning fees 59,222 63,560 (4,338 ) 49,496 52,740 (3,244 ) Management and leasing fees 5,471 4,945 526 5,052 4,492 560 Lease termination fees 1,149 708 441 4,956 4,789 167 Other income 9,086 3,071 6,015 5,416 4,216 1,200 Fee and other income 74,928 72,284 2,644 64,920 66,237 (1,317 ) Total consolidated revenues $ 1,078,255 $ 907,036 $ 171,219 $ 1,019,145 $ 863,101 $ 156,044

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate Fund Investments [Abstract]
Schedule Of Income And Loss From The Fund	Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Net investment income $ 539 $ 3,646 $ 3,273 $ 10,860 Net unrealized (loss) gain on held investments (29,513 ) 745 (29,513 ) (6,442 ) Net realized (loss) gain on exited investments (2 ) — (913 ) 241 Transfer Tax — — (10,630 ) — (Loss) income from real estate fund investments (28,976 ) 4,391 (37,783 ) 4,659 Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries 29,527 (4,695 ) 34,896 (8,198 ) Income (loss) from real estate fund investments attributable to the Operating Partnership (six months ended June 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest) (1) 551 (304 ) (2,887 ) (3,539 ) Less (income) loss attributable to noncontrolling interests in the Operating Partnership (34 ) 19 178 221 Income (loss) from real estate fund investments attributable to Vornado $ 517 $ (285 ) $ (2,709 ) $ (3,318 ) ____________________ (1) Excludes management and leasing fees of $1,104 and $1,381 for the three months ended June 30, 2018 and 2017 , respectively, and $1,906 and $2,381 for the six months ended June 30, 2018 and 2017 , respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2018
Marketable Securities [Abstract]
Unrealized Gain (Loss) on Investments	Below is a summary of our marketable securities portfolio as of June 30, 2018 and December 31, 2017 . (Amounts in thousands) Fair Value at Decrease in June 30, 2018 December 31, 2017 Fair Value (1) Equity securities: Lexington Realty Trust $ 161,234 $ 178,226 $ (16,992 ) Other 4,416 4,526 (110 ) $ 165,650 $ 182,752 $ (17,102 ) ____________________ (1) The decrease in fair value of our marketable securities for the six months ended June 30, 2018 is included in "interest and other investment income, net" on our consolidated statements of income (see Note 18 - Interest and Other Investment Income, Net ).

Investments in Partially Owne35

Investments in Partially Owned Entities (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of June 30, 2018 December 31, 2017 Investments: Partially owned office buildings/land (1) Various $ 503,240 $ 504,393 Alexander’s 32.4% 114,768 126,400 PREIT 8.0% 63,240 66,572 UE 4.5% 43,960 46,152 Other investments (2) Various 234,593 313,312 $ 959,801 $ 1,056,829 330 Madison Avenue (3) 25.0% $ (56,463 ) $ (53,999 ) 7 West 34th Street (4) 53.0% (49,363 ) (47,369 ) $ (105,826 ) $ (101,368 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 85 Tenth Avenue, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Moynihan Office Building, 666 Fifth Avenue Office Condominium and others. (3) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets. (4) Our negative basis resulted from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets. Below is a schedule of net income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Our share of net income (loss): Alexander's (see page 25 for details): Equity in net income (1) 32.4% $ 6,146 $ 6,690 $ 2,937 $ 13,582 Management, leasing and development fees 1,021 1,507 2,229 3,016 7,167 8,197 5,166 16,598 Partially owned office buildings (2) Various 2,002 236 (2,281 ) 1,046 UE (see page 25 for details): Equity in net income (3) 4.5% 1,038 18,794 321 19,885 Management, leasing and development fees 74 209 150 418 1,112 19,003 471 20,303 PREIT (see page 25 for details): 8.0% (1,068 ) (902 ) (1,497 ) (3,732 ) Other investments (4) Various (456 ) 19,487 (3,006 ) 13,164 $ 8,757 $ 46,021 $ (1,147 ) $ 47,379 ____________________ (1) The six month period ended June 30, 2018 includes our $7,708 share of Alexander's potential additional Transfer Tax. (2) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. The six month period ended June 30, 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 6 - Real Estate Fund Investments ). (3) 2017 includes a $15,900 net gain resulting from UE operating partnership unit issuances. (4) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium and others. In the second quarter of 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV.

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations	The tables below set forth the assets and liabilities related to discontinued operations as of June 30, 2018 and December 31, 2017 , and their combined results of operations and cash flows for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) Balance as of June 30, 2018 December 31, 2017 Assets related to discontinued operations: Other assets $ 52 $ 1,357 Liabilities related to discontinued operations: Other liabilities $ 214 $ 3,620 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Income from discontinued operations: Total revenues $ 339 $ 118,939 $ 693 $ 235,222 Total expenses 274 94,510 991 190,222 65 24,429 (298 ) 45,000 Additional net gains on sale of real estate 618 — 618 2,267 JBG SMITH Properties spin-off transaction costs — (6,211 ) — (13,464 ) Income from partially-owned entities — 255 — 342 Pretax income from discontinued operations 683 18,473 320 34,145 Income tax expense — (362 ) — (716 ) Income from discontinued operations $ 683 $ 18,111 $ 320 $ 33,429 (Amounts in thousands) For the Six Months Ended June 30, 2018 2017 Cash flows related to discontinued operations: Cash flows from operating activities $ (1,781 ) $ 83,705 Cash flows from investing activities — (52,740 )

Identified Intangible Assets 37

Identified Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Finite-Lived Intangible Assets and Liabilities
Schedule of Identified Intangible Assets and Intangible Liabilities	The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of June 30, 2018 and December 31, 2017 . (Amounts in thousands) Balance as of June 30, 2018 December 31, 2017 Identified intangible assets: Gross amount $ 309,776 $ 310,097 Accumulated amortization (163,406 ) (150,837 ) Total, net $ 146,370 $ 159,260 Identified intangible liabilities (included in deferred revenue): Gross amount $ 527,766 $ 530,497 Accumulated amortization (346,474 ) (324,897 ) Total, net $ 181,292 $ 205,600
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows: (Amounts in thousands) 2019 $ 29,871 2020 22,213 2021 17,478 2022 14,339 2023 11,661
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of all other identified intangible assets including acquired in-place leases, customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2019 is as follows: (Amounts in thousands) 2019 $ 14,994 2020 12,008 2021 11,030 2022 9,477 2023 9,349
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows: (Amounts in thousands) 2019 $ 1,747 2020 1,747 2021 1,747 2022 1,747 2023 1,747

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt: (Amounts in thousands) Interest Rate at Balance as of June 30, 2018 December 31, 2017 Mortgages Payable: Fixed rate 3.53% $ 5,009,211 $ 5,461,706 Variable rate 3.89% 3,155,262 2,742,133 Total 3.67% 8,164,473 8,203,839 Deferred financing costs, net and other (55,855 ) (66,700 ) Total, net $ 8,108,618 $ 8,137,139 Unsecured Debt: Senior unsecured notes 4.21% $ 850,000 $ 850,000 Deferred financing costs, net and other (6,583 ) (6,386 ) Senior unsecured notes, net 843,417 843,614 Unsecured term loan 3.24% 750,000 750,000 Deferred financing costs, net and other (506 ) (1,266 ) Unsecured term loan, net 749,494 748,734 Unsecured revolving credit facilities 3.05% 80,000 — Total, net $ 1,672,911 $ 1,592,348

Redeemable Noncontrolling Int39

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	(Amounts in thousands) Balance, December 31, 2016 $ 1,278,446 Net income 10,935 Other comprehensive loss (207 ) Distributions (18,078 ) Redemption of Class A units for Vornado common shares, at redemption value (25,562 ) Adjustments to carry redeemable Class A units at redemption value (90,208 ) Other, net 21,758 Balance, June 30, 2017 $ 1,177,084 Balance, December 31, 2017 $ 984,937 Net income 6,321 Other comprehensive income 859 Distributions (15,891 ) Redemption of Class A units for Vornado common shares, at redemption value (12,246 ) Adjustments to carry redeemable Class A units at redemption value (36,450 ) Other, net 10,511 Balance, June 30, 2018 $ 938,041

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income ("AOCI") (Tables)	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the Three Months Ended June 30, 2018 Balance as of March 31, 2018 $ 30,258 $ — $ 2,444 $ 36,651 $ (8,837 ) Net current period OCI: OCI before reclassifications 3,093 — 390 2,908 (205 ) Amounts reclassified from AOCI — — — — — 3,093 — 390 2,908 (205 ) Balance as of June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) For the Three Months Ended June 30, 2017 Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841 ) $ 13,908 $ (7,544 ) Net current period OCI: OCI before reclassifications (3,180 ) (1,206 ) (980 ) (1,206 ) 212 Amounts reclassified from AOCI — — — — — (3,180 ) (1,206 ) (980 ) (1,206 ) 212 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821 ) $ 12,702 $ (7,332 ) For the Six Months Ended June 30, 2018 Balance as of December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 ) Cumulative effect of accounting change (see Note 3) (108,374 ) (109,554 ) (1,671 ) 2,851 — Net current period OCI: OCI before reclassifications 13,043 — 736 13,166 (859 ) Amounts reclassified from AOCI — — — — — 13,043 — 736 13,166 (859 ) Balance as of June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) For the Six Months Ended June 30, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058 ) $ 8,066 $ (7,541 ) Net current period OCI: OCI before reclassifications (12,401 ) (16,215 ) (1,031 ) 4,636 209 Amounts reclassified from AOCI 9,268 — 9,268 (1) — — (3,133 ) (16,215 ) 8,237 4,636 209 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821 ) $ 12,702 $ (7,332 ) ____________________ (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value, measurement inputs, disclosure	The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of June 30, 2018 and December 31, 2017 , respectively. (Amounts in thousands) As of June 30, 2018 Total Level 1 Level 2 Level 3 Marketable securities $ 165,650 $ 165,650 $ — $ — Real estate fund investments 373,039 — — 373,039 Deferred compensation plan assets ($4,375 included in restricted cash and $95,993 in other assets) 100,368 60,498 — 39,870 Interest rate swaps (included in other assets) 39,584 — 39,584 — Total assets $ 678,641 $ 226,148 $ 39,584 $ 412,909 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — (Amounts in thousands) As of December 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 182,752 $ 182,752 $ — $ — Real estate fund investments 354,804 — — 354,804 Deferred compensation plan assets ($11,545 included in restricted cash and $97,632 in other assets) 109,177 69,049 — 40,128 Interest rate swaps (included in other assets) 27,472 — 27,472 — Total assets $ 674,205 $ 251,801 $ 27,472 $ 394,932 Mandatorily redeemable instruments (included in other liabilities) $ 520,561 $ 520,561 $ — $ — Interest rate swaps (included in other liabilities) 1,052 — 1,052 — Total liabilities $ 521,613 $ 520,561 $ 1,052 $ —
Schedule of carrying amounts and fair values of financial instruments	The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2018 and December 31, 2017 . (Amounts in thousands) As of June 30, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 851,306 $ 851,000 $ 1,500,227 $ 1,500,000 Debt: Mortgages payable $ 8,164,473 $ 8,112,000 $ 8,203,839 $ 8,194,000 Senior unsecured notes 850,000 847,000 850,000 878,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 80,000 80,000 — — Total $ 9,844,473 (1) $ 9,789,000 $ 9,803,839 (1) $ 9,822,000 ____________________ (1) Excludes $62,944 and $74,352 of deferred financing costs, net and other as of June 30, 2018 and December 31, 2017 , respectively.
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value inputs quantitative information	Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of June 30, 2018 and December 31, 2017 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Discount rates 10.0% to 15.0% 2.0% to 14.9% 13.1% 11.9% Terminal capitalization rates 5.1% to 6.4% 4.7% to 6.7% 5.7% 5.5%
Summary of changes in level 3 plan assets	The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Beginning balance $ 336,552 $ 454,946 $ 354,804 $ 462,132 Purchases 66,000 — 68,950 — Net unrealized (loss) gain on held investments (29,513 ) 745 (29,513 ) (6,442 ) Dispositions — — (20,291 ) — Net realized (loss) gain on exited investments (2 ) — (913 ) 241 Other, net 2 1 2 (239 ) Ending balance $ 373,039 $ 455,692 $ 373,039 $ 455,692
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of deferred compensation plan assets	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Beginning balance $ 39,485 $ 56,910 $ 40,128 $ 57,444 Sales (1,874 ) (9,375 ) (3,509 ) (12,112 ) Purchases 1,619 1,350 1,633 1,813 Realized and unrealized gains 34 830 712 1,905 Other, net 606 134 906 799 Ending balance $ 39,870 $ 49,849 $ 39,870 $ 49,849

Interest and Other Investment I

Interest and Other Investment Income, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Interest and Other Income [Abstract]
Schedule Of Interest And Other Investment Income (Loss), Net	The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Increase (decrease) in fair value of marketable securities: Lexington Realty Trust $ 15,883 $ — $ (16,992 ) $ — Other 1 — (110 ) — 15,884 — (17,102 ) — Interest on loans receivable (1) 6,205 2,102 6,948 2,845 Dividends on marketable securities 3,353 3,307 6,706 6,614 Other, net 5,450 3,132 9,956 5,777 $ 30,892 $ 8,541 $ 6,508 $ 15,236 ____________________ (1) 2018 includes $5,457 of income from a profit participation on the April 2018 sale of 701 Seventh Avenue. We received this kicker in connection with our 25% participation in an October 2012, $137,500 mezzanine loan, which was repaid in January 2014.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	6 Months Ended
	Jun. 30, 2018
Interest and Debt Expense [Abstract]
Interest And Debt Expense	The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Interest expense $ 96,377 $ 88,392 $ 191,165 $ 173,362 Amortization of deferred financing costs 8,034 7,977 16,138 16,546 Capitalized interest and debt expense (16,754 ) (11,580 ) (31,480 ) (22,395 ) $ 87,657 $ 84,789 $ 175,823 $ 167,513

Income Per Share _Income Per 44

Income Per Share /Income Per Class A Unit (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty Trust The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 123,427 $ 115,112 $ 133,448 $ 164,631 Income from discontinued operations, net of income attributable to noncontrolling interests 641 16,989 300 31,351 Net income attributable to Vornado 124,068 132,101 133,748 195,982 Preferred share dividends (12,534 ) (16,129 ) (25,569 ) (32,258 ) Preferred share issuance costs — — (14,486 ) — Net income attributable to common shareholders 111,534 115,972 93,693 163,724 Earnings allocated to unvested participating securities (11 ) (13 ) (22 ) (27 ) Numerator for basic income per share 111,523 115,959 93,671 163,697 Impact of assumed conversions: Convertible preferred share dividends 16 20 — — Earnings allocated to Out-Performance Plan units — — 37 233 Numerator for diluted income per share $ 111,539 $ 115,979 $ 93,708 $ 163,930 Denominator: Denominator for basic income per share – weighted average shares 190,200 189,395 190,141 189,304 Effect of dilutive securities (1) : Employee stock options and restricted share awards 930 1,011 934 1,089 Convertible preferred shares 38 38 — — Out-Performance Plan units — — 115 281 Denominator for diluted income per share – weighted average shares and assumed conversions 191,168 190,444 191,190 190,674 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.59 $ 0.52 $ 0.49 $ 0.70 Income from discontinued operations, net — 0.09 — 0.16 Net income per common share $ 0.59 $ 0.61 $ 0.49 $ 0.86 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.58 $ 0.52 $ 0.49 $ 0.70 Income from discontinued operations, net — 0.09 — 0.16 Net income per common share $ 0.58 $ 0.61 $ 0.49 $ 0.86 ____________________ (1) The effect of dilutive securities for the three months ended June 30, 2018 and 2017 excludes an aggregate of 12,299 and 12,268 weighted average common share equivalents, respectively, and 12,252 and 12,125 weighted average common share equivalents for the six months ended June 30, 2018 and 2017 , respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty L.P. The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 130,830 $ 121,696 $ 139,749 $ 173,488 Income from discontinued operations 683 18,111 320 33,429 Net income attributable to Vornado Realty L.P. 131,513 139,807 140,069 206,917 Preferred unit distributions (12,582 ) (16,177 ) (25,666 ) (32,355 ) Preferred unit issuance costs — — (14,486 ) — Net income attributable to Class A unitholders 118,931 123,630 99,917 174,562 Earnings allocated to unvested participating securities (772 ) (742 ) (1,544 ) (1,759 ) Numerator for basic income per Class A unit 118,159 122,888 98,373 172,803 Impact of assumed conversions: Convertible preferred unit distributions 16 20 — — Numerator for diluted income per Class A unit $ 118,175 $ 122,908 $ 98,373 $ 172,803 Denominator: Denominator for basic income per Class A unit – weighted average units 202,064 201,127 201,997 200,987 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,252 1,458 1,269 1,630 Convertible preferred units 38 38 — — Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,354 202,623 203,266 202,617 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.58 $ 0.52 $ 0.49 $ 0.69 Income from discontinued operations, net — 0.09 — 0.17 Net income per Class A unit $ 0.58 $ 0.61 $ 0.49 $ 0.86 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.58 $ 0.52 $ 0.48 $ 0.69 Income from discontinued operations, net — 0.09 — 0.16 Net income per Class A unit $ 0.58 $ 0.61 $ 0.48 $ 0.85 ____________________ (1) The effect of dilutive securities for the three months ended June 30, 2018 and 2017 excludes an aggregate of 112 and 89 weighted average Class A unit equivalents, respectively, and 175 and 182 weighted average Class A unit equivalents for the six months ended June 30, 2018 and 2017 , respectively, as their effect was anti-dilutive.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Net income $ 105,338 $ 147,484 $ 105,620 $ 221,331 Deduct: (Income) loss from partially owned entities (8,757 ) (46,021 ) 1,147 (47,379 ) Loss (income) from real estate fund investments 28,976 (4,391 ) 37,783 (4,659 ) Interest and other investment income, net (30,892 ) (8,541 ) (6,508 ) (15,236 ) Net gains on disposition of wholly owned and partially owned assets (23,559 ) — (23,559 ) (501 ) Income from discontinued operations (683 ) (18,111 ) (320 ) (33,429 ) NOI attributable to noncontrolling interests in consolidated subsidiaries (17,160 ) (16,269 ) (34,472 ) (32,607 ) Add: Depreciation and amortization expense 111,846 105,123 220,532 210,251 General and administrative expense 34,427 35,405 76,960 81,580 Transaction related costs and other 1,017 260 14,173 1,012 NOI from partially owned entities 65,752 67,016 133,265 133,113 Interest and debt expense 87,657 84,789 175,823 167,513 Income tax expense (benefit) 467 (610 ) 3,021 2,303 NOI at share 354,429 346,134 703,465 683,292 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (12,481 ) (22,475 ) (30,429 ) (42,956 ) NOI at share - cash basis $ 341,948 $ 323,659 $ 673,036 $ 640,336 22 . Segment Information - continued Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2018 and 2017 . (Amounts in thousands) For the Three Months Ended June 30, 2018 Total New York Other Total revenues $ 541,818 $ 458,552 $ 83,266 Operating expenses 235,981 200,903 35,078 NOI - consolidated 305,837 257,649 48,188 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,160 ) (11,560 ) (5,600 ) Add: Our share of NOI from partially owned entities 65,752 49,778 15,974 NOI at share 354,429 295,867 58,562 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (12,481 ) (12,713 ) 232 NOI at share - cash basis $ 341,948 $ 283,154 $ 58,794 (Amounts in thousands) For the Three Months Ended June 30, 2017 Total New York Other Total revenues $ 511,087 $ 436,862 $ 74,225 Operating expenses 215,700 185,712 29,988 NOI - consolidated 295,387 251,150 44,237 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (16,269 ) (11,348 ) (4,921 ) Add: Our share of NOI from partially owned entities 67,016 46,386 20,630 NOI at share 346,134 286,188 59,946 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (22,475 ) (18,297 ) (4,178 ) NOI at share - cash basis $ 323,659 $ 267,891 $ 55,768 (Amounts in thousands) For the Six Months Ended June 30, 2018 Total New York Other Total revenues $ 1,078,255 $ 907,036 $ 171,219 Operating expenses 473,583 398,819 74,764 NOI - consolidated 604,672 508,217 96,455 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (34,472 ) (23,305 ) (11,167 ) Add: Our share of NOI from partially owned entities 133,265 99,551 33,714 NOI at share 703,465 584,463 119,002 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (30,429 ) (30,036 ) (393 ) NOI at share - cash basis $ 673,036 $ 554,427 $ 118,609 (Amounts in thousands) For the Six Months Ended June 30, 2017 Total New York Other Total revenues $ 1,019,145 $ 863,101 $ 156,044 Operating expenses 436,359 368,819 67,540 NOI - consolidated 582,786 494,282 88,504 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (32,607 ) (22,787 ) (9,820 ) Add: Our share of NOI from partially owned entities 133,113 91,848 41,265 NOI at share 683,292 563,343 119,949 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (42,956 ) (36,669 ) (6,287 ) NOI at share - cash basis $ 640,336 $ 526,674 $ 113,662

Organization (Narrative) (Detai

Organization (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common limited partnership interest in the Operating Partnership	93.50%

Basis of Presentation (Narrativ

Basis of Presentation (Narratives) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basis of Presentation [Line Items]
Expense (income) from deferred compensation plan liability	$ 2,077,000	$ 789,000	$ 1,673,000	$ 3,258,000
Income (loss) from deferred compensation plan assets	$ 2,077,000	$ 789,000	$ 1,673,000	3,258,000
General and Administrative Expense
Basis of Presentation [Line Items]
Unincorporated business tax				$ 1,062,000

Recently Issued Accounting Li48

Recently Issued Accounting Literature (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change						$ 14,519,000
Earnings less than distributions	$ (4,206,381,000)		$ (4,206,381,000)			$ (4,183,253,000)
Increase (decrease) in fair value of marketable securities		$ 0	(17,102,000)	$ 0
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings less than distributions					$ (111,225,000)
Increase (decrease) in fair value of marketable securities	15,884,000		(17,102,000)
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized leasing costs	$ 1,358,000	$ 1,241,000	$ 2,706,000	$ 2,214,000
Retained Earnings | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change					$ 14,519,000

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Disaggregation of Revenue [Line Items]
Cumulative effect of accounting change						$ 14,519
Number of reportable segments | segment			2
Base rent (included in property rentals)	$ 405,927	$ 393,116	$ 812,490	$ 776,956
Property rentals	444,595	428,643	884,705	843,535
Operating expense reimbursements	44,784	39,014	92,652	85,389
Tenant services	13,528	12,643	25,970	25,301
Tenant expense reimbursements	58,312	51,657	118,622	110,690
BMS cleaning fees	30,867	24,425	59,222	49,496
Management and leasing fees	2,707	2,777	5,471	5,052
Lease termination fees	804	1,106	1,149	4,956
Other income	4,533	2,479	9,086	5,416
Fee and other income	38,911	30,787	74,928	64,920
Total revenues	541,818	511,087	1,078,255	1,019,145
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals	27,082	24,986	41,754	37,627
Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals	11,586	10,541	30,461	28,952
New York
Disaggregation of Revenue [Line Items]
Base rent (included in property rentals)	343,084	334,476	687,758	660,157
Property rentals	370,166	359,462	729,512	697,784
Operating expense reimbursements	40,356	35,510	85,082	78,466
Tenant services	10,394	10,031	20,158	20,614
Tenant expense reimbursements	50,750	45,541	105,240	99,080
BMS cleaning fees	33,407	26,617	63,560	52,740
Management and leasing fees	2,464	2,465	4,945	4,492
Lease termination fees	400	1,062	708	4,789
Other income	1,365	1,715	3,071	4,216
Fee and other income	37,636	31,859	72,284	66,237
Total revenues	458,552	436,862	907,036	863,101
New York | Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals	27,082	24,986	41,754	37,627
New York | Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Base rent (included in property rentals)	62,843	58,640	124,732	116,799
Property rentals	74,429	69,181	155,193	145,751
Operating expense reimbursements	4,428	3,504	7,570	6,923
Tenant services	3,134	2,612	5,812	4,687
Tenant expense reimbursements	7,562	6,116	13,382	11,610
BMS cleaning fees	(2,540)	(2,192)	(4,338)	(3,244)
Management and leasing fees	243	312	526	560
Lease termination fees	404	44	441	167
Other income	3,168	764	6,015	1,200
Fee and other income	1,275	(1,072)	2,644	(1,317)
Total revenues	83,266	74,225	171,219	156,044
Other | Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals	0	0	0	0
Other | Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals	$ 11,586	$ 10,541	$ 30,461	$ 28,952
Accounting Standards Update 2014-09 | Retained Earnings
Disaggregation of Revenue [Line Items]
Cumulative effect of accounting change					$ 14,519

Acquisition (Details)

Acquisition (Details)	Feb. 09, 2018USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Business Acquisition [Line Items]
Distributions of capital from partially owned entities | $		$ 56,500,000	$ 11,841,000
537 West 26th Street
Business Acquisition [Line Items]
Area of land (in sq feet) | ft²	14,000
Area of additional zoning air rights (in sq feet) | ft²	55,000
Distributions of capital from partially owned entities | $	$ 44,000,000

Real Estate Fund Investments (N

Real Estate Fund Investments (Narrative) (Details)	Apr. 19, 2018USD ($)	Feb. 16, 2018USD ($)	Jan. 17, 2018USD ($)	Mar. 01, 2011USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)investment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)investment
Investment Holdings
Gain (loss) on sale of properties							$ 0	$ 2,267,000
(Loss) income from real estate fund investments					$ (28,976,000)	$ 4,391,000	(37,783,000)	4,659,000
Income (loss) from partially owned entities					8,757,000	46,021,000	(1,147,000)	47,379,000
Number of investments held by fund | investment									5
Aggregate fair value of Real Estate Fund investments (in US Dollars)					$ 373,039,000		$ 373,039,000		$ 354,804,000
Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Refinancing	$ 255,000,000
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage					25.00%		25.00%
Term of the Fund, years							8 years
Investment period for commitments of the Fund, years							3 years
Investment fund expiration date							2013-07
Vornado Realty Trust
Investment Holdings
Unfunded commitments of fund					$ 16,119,000		$ 16,119,000
Real estate fund investments
Investment Holdings
Real estate transfer tax					0	0	10,630,000	0
(Loss) income from real estate fund investments					(28,976,000)	$ 4,391,000	$ (37,783,000)	$ 4,659,000
Number of investments held by fund | investment							4
Unfunded commitments of fund					$ 50,494,000		$ 50,494,000
Eleven East 68th Street
Investment Holdings
Proceeds from the sale of real estate			$ 82,000,000
Gain (loss) on sale of properties			$ 46,259,000
One Park Avenue
Investment Holdings
Payments to acquire real estate				$ 394,000,000
Real estate transfer tax				$ 3,000,000			$ 4,978,000
State and Local Jurisdiction | One Park Avenue
Investment Holdings
Additional real estate transfer tax		$ 9,491,000
Interest on real estate transfer tax		6,764,000
Real estate transfer tax and interest		15,608,000
(Loss) income from real estate fund investments		10,630,000
Income (loss) from partially owned entities		$ 4,978,000
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage					57.10%		57.10%
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | Crowne Plaza Time Square Hotel
Investment Holdings
Ownership percentage by noncontrolling owners					24.70%		24.70%
Joint Venture | Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage				64.70%
Joint Venture | Vornado Realty Trust
Investment Holdings
Equity method ownership percentage				30.30%
Joint Venture | Third Party
Investment Holdings
Equity method ownership percentage				5.00%
Loans Due May 2020 | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Debt instrument, interest rate, stated percentage					5.56%		5.56%
Loans Due December 2018 | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Refinancing	$ 310,000,000
LIBOR | Loans Due May 2020 | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)	3.51%
Number of extensions	3
Length of extension available	1 year
LIBOR | Loans Due December 2018 | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)	2.80%
LIBOR | Interest Rate Cap | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)	4.00%

Real Estate Fund Investments (I

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($)	Mar. 01, 2011	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Details Of Income From Real Estate Funds
(Loss) income from real estate fund investments		$ (28,976,000)	$ 4,391,000	$ (37,783,000)	$ 4,659,000
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries		26,175,000	(7,677,000)	34,449,000	(14,414,000)
Fee and Other Income		38,911,000	30,787,000	74,928,000	64,920,000
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income		539,000	3,646,000	3,273,000	10,860,000
Net unrealized (loss) gain on held investments		(29,513,000)	745,000	(29,513,000)	(6,442,000)
Net realized (loss) gain on exited investments		(2,000)	0	(913,000)	241,000
Transfer Tax		0	0	(10,630,000)	0
(Loss) income from real estate fund investments		(28,976,000)	4,391,000	(37,783,000)	4,659,000
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries		29,527,000	(4,695,000)	34,896,000	(8,198,000)
Income (loss) from real estate fund investments attributable to the Operating Partnership (six months ended June 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)		551,000	(304,000)	(2,887,000)	(3,539,000)
Less (income) loss attributable to noncontrolling interests in the Operating Partnership		(34,000)	19,000	178,000	221,000
Income (loss) from real estate fund investments attributable to Vornado		517,000	(285,000)	(2,709,000)	(3,318,000)
Fee and Other Income		$ 1,104,000	$ 1,381,000	1,906,000	$ 2,381,000
One Park Avenue
Details Of Income From Real Estate Funds
Transfer Tax	$ (3,000,000)			(4,978,000)
One Park Avenue | Real estate fund investments
Details Of Income From Real Estate Funds
Income (loss) from real estate fund investments attributable to the Operating Partnership (six months ended June 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)				$ (4,252,000)

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings less than distributions	$ (4,206,381)		$ (4,183,253)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings less than distributions		$ (111,225)

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Available-for-sale Securities
Fair Value		$ 165,650		$ 182,752
Increase (decrease) in fair value of marketable securities	$ 0	(17,102)	$ 0
Lexington Realty Trust
Available-for-sale Securities
Fair Value		161,234		178,226
Increase (decrease) in fair value of marketable securities		(16,992)
Other
Available-for-sale Securities
Fair Value		4,416		$ 4,526
Increase (decrease) in fair value of marketable securities		$ (110)

Investments in Partially Owne55

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc - USD ($) $ / shares in Units, $ in Thousands	Apr. 05, 2018	Nov. 30, 2012	Jun. 30, 2018
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares)			1,654,068
Equity method ownership percentage			32.40%
Closing share price (in dollars per share)			$ 382.63
Equity method investment fair value			$ 632,896
Excess of investee's fair value over carrying amount			518,128
Excess of investee's carrying amount over equity in net assets			39,140
Additional real estate transfer tax			$ 7,708
Kings Plaza Regional Shopping Center
Equity Method Investments And Income From Equity Method Investments
Real estate transfer tax		$ 3,971
Additional real estate transfer tax	$ 23,797
Vornado Realty Trust
Equity Method Investments And Income From Equity Method Investments
Equity method ownership percentage			32.40%

Investments in Partially Owne56

Investments in Partially Owned Entities (Urban Edge Properties and PREIT) (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2018USD ($)$ / sharesshares
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	4.50%
Closing share price (in dollars per share) | $ / shares	$ 22.87
Equity method investment fair value	$ 130,752
Excess of investee's fair value over carrying amount	$ 86,792
PREIT
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) | shares	6,250,000
Equity method ownership percentage	8.00%
Closing share price (in dollars per share) | $ / shares	$ 10.99
Equity method investment fair value	$ 68,688
Excess of investee's fair value over carrying amount	5,448
Excess of investee's carrying amount over equity in net assets	$ 33,782
Partnership Interest | UE
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) | shares	5,717,184

Investments in Partially Owne57

Investments in Partially Owned Entities (Independence Plaza, Toys R Us and 666 5th Avenue) (Details)	Jun. 11, 2018USD ($)	May 09, 2018USD ($)ft	Apr. 05, 2018USD ($)	Dec. 31, 2012USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)buildingunit	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Schedule Of Equity Method Investments
Noncontrolling interests in controlling subsidiaries					$ (26,175,000)		$ 7,677,000	$ (34,449,000)	$ 14,414,000
Net gains on disposition of wholly owned and partially owned assets					23,559,000		$ 0	23,559,000	$ 501,000
Mortgages payable, net					$ 8,108,618,000			$ 8,108,618,000		$ 8,137,139,000
Independence Plaza
Schedule Of Equity Method Investments
Equity method ownership percentage					50.10%			50.10%
Number of buildings | building								3
Number of units | unit								1,327
Real estate transfer tax				$ 1,730,000
Increase in accrued taxes payable						$ 13,103,000
Refinancing	$ 675,000,000
Interest rate, effective	3.48%
Proceeds from (repayments of) debt	$ 550,000,000
Net proceeds from debt	$ 55,618,000
Toys R Us
Schedule Of Equity Method Investments
Equity method ownership percentage					32.50%			32.50%
Equity method investment, carrying amount					$ 0			$ 0
Tax basis of investments, cost for income tax purposes					420,000,000			420,000,000
Transaction Related Costs and Other | Independence Plaza
Schedule Of Equity Method Investments
Increase in accrued taxes payable			$ 13,103,000
Noncontrolling interests in controlling subsidiaries								6,538,000
Loans Maturing in July 2025 | Independence Plaza
Schedule Of Equity Method Investments
Debt term	7 years
Debt instrument, interest rate, stated percentage	4.25%
Office | 666 Fifth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage		49.50%
Net proceeds from debt					58,000,000
Proceeds from the sale of real estate		$ 120,000,000
Net gains on disposition of wholly owned and partially owned assets		134,000,000
Gain on sale of properties, net		$ 244,000,000
Linear feet of frontage | ft		125
Mortgages payable, net					$ 1,400,000,000			$ 1,400,000,000

Investments in Partially Owne58

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	May 27, 2016	Jun. 30, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ 959,801	$ 1,056,829
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ (105,826)	(101,368)
7 West 34th Street | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage		53.00%
Carrying amount of investments in partially owned entities		$ (49,363)	(47,369)
Sale of ownership interest, percent	47.00%
330 Madison Avenue | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage		25.00%
Carrying amount of investments in partially owned entities		$ (56,463)	(53,999)
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ 503,240	504,393
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage		32.40%
Carrying amount of investments in partially owned entities		$ 114,768	126,400
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage		8.00%
Carrying amount of investments in partially owned entities		$ 63,240	66,572
UE
Schedule Of Equity Method Investments
Equity method ownership percentage		4.50%
Carrying amount of investments in partially owned entities		$ 43,960	46,152
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ 234,593	$ 313,312

Investments in Partially Owne59

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($)	Mar. 01, 2011	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule Of Equity Method Investments
Our share of net income (loss)		$ 8,757,000	$ 46,021,000	$ (1,147,000)	$ 47,379,000
Gain (loss) on sale of properties				$ 0	2,267,000
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage		32.40%		32.40%
Equity in net income		$ 6,146,000	6,690,000	$ 2,937,000	13,582,000
Our share of net income (loss)		7,167,000	8,197,000	5,166,000	16,598,000
Management, leasing and development fees		1,021,000	1,507,000	2,229,000	3,016,000
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)		$ 2,002,000	236,000	$ (2,281,000)	1,046,000
UE
Schedule Of Equity Method Investments
Equity method ownership percentage		4.50%		4.50%
Equity in net income		$ 1,038,000	18,794,000	$ 321,000	19,885,000
Our share of net income (loss)		1,112,000	19,003,000	471,000	20,303,000
Management, leasing and development fees		$ 74,000	209,000	$ 150,000	418,000
Gain from issuance of common operating partnership units					15,900,000
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage		8.00%		8.00%
Equity in net income		$ (1,068,000)	(902,000)	$ (1,497,000)	(3,732,000)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)		$ (456,000)	19,487,000	(3,006,000)	$ 13,164,000
One Park Avenue
Schedule Of Equity Method Investments
Real estate transfer tax	$ 3,000,000			4,978,000
Kings Plaza Regional Shopping Center
Schedule Of Equity Method Investments
Real estate transfer tax				$ 7,708,000
Suffolk Downs
Schedule Of Equity Method Investments
Gain (loss) on sale of properties			15,314,000
Gain on debt investments			11,373,000
Gain recognized on the sale of property and repayment of debt			$ 26,687,000

Dispositions - New York (Detail

Dispositions - New York (Details) - USD ($)	Jun. 21, 2018	Dec. 31, 2015	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of properties			$ 0	$ 2,267,000
27 Washington North
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of real estate	$ 45,000,000
Gain (loss) on sale of properties	$ 23,559,000
Payments to acquire real estate		$ 20,000,000

Dispositions (Assets and liabil

Dispositions (Assets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Dispositions
Other assets	$ 52		$ 52		$ 1,357
Other liabilities	214		214		$ 3,620
Income from discontinued operations:
Total revenues	339	$ 118,939	693	$ 235,222
Total expenses	274	94,510	991	190,222
Income from discontinued operations before net gain on sale of real estate	65	24,429	(298)	45,000
Additional net gains on sale of real estate	618	0	618	2,267
JBG SMITH Properties spin-off transaction costs	0	(6,211)	0	(13,464)
Income from partially-owned entities	0	255	0	342
Pretax income from discontinued operations	683	18,473	320	34,145
Income tax expense	0	(362)	0	(716)
Income from discontinued operations	$ 683	$ 18,111	320	33,429
Cash flows related to discontinued operations:
Cash flows from operating activities			(1,781)	83,705
Cash flows from investing activities			$ 0	$ (52,740)

Identified Intangible Assets 62

Identified Intangible Assets and Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 309,776,000		$ 309,776,000		$ 310,097,000
Accumulated amortization	(163,406,000)		(163,406,000)		(150,837,000)
Total, net	146,370,000		146,370,000		159,260,000
Gross amount	527,766,000		527,766,000		530,497,000
Accumulated amortization	(346,474,000)		(346,474,000)		(324,897,000)
Total, net	181,292,000		181,292,000		$ 205,600,000
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	10,526,000	$ 12,588,000	21,107,000	$ 23,704,000
2,019	29,871,000		29,871,000
2,020	22,213,000		22,213,000
2,021	17,478,000		17,478,000
2,022	14,339,000		14,339,000
2,023	11,661,000		11,661,000
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	4,876,000	6,846,000	9,735,000	13,827,000
2,019	14,994,000		14,994,000
2,020	12,008,000		12,008,000
2,021	11,030,000		11,030,000
2,022	9,477,000		9,477,000
2,023	9,349,000		9,349,000
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rent expense	437,000	$ 437,000	874,000	$ 874,000
2,019	1,747,000		1,747,000
2,020	1,747,000		1,747,000
2,021	1,747,000		1,747,000
2,022	1,747,000		1,747,000
2,023	$ 1,747,000		$ 1,747,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) ft² in Thousands	Jan. 05, 2018USD ($)ft²	Jun. 30, 2018
33-00 Northern Boulevard | Office
Debt Instrument
Refinancing	$ 100,000,000
Square footage of real estate property | ft²	471
Debt term	7 years
Debt instrument, interest rate, stated percentage	4.14%
Proceeds from (repayments of) debt	$ 37,200,000
33-00 Northern Boulevard | Office | LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)	1.80%
Mortgages
Debt Instrument
Interest rate, effective		3.67%
Mortgages | 33-00 Northern Boulevard | Office
Debt Instrument
Interest rate, effective	4.43%
Repayments of debt	$ 59,800,000

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument
Deferred financing costs, net and other	$ (62,944)	$ (74,352)
Mortgages payable, net	8,108,618	8,137,139
Unsecured debt - Carrying amount	843,417	843,614
Unsecured term loan, net	749,494	748,734
Revolving credit facilities	80,000	0
Unsecured debt and revolving credit facility	1,672,911	1,592,348
Mortgages
Debt Instrument
Mortgages payable, gross	8,164,473	8,203,839
Deferred financing costs, net and other	(55,855)	(66,700)
Mortgages payable, net	$ 8,108,618	8,137,139
Interest rate, end of period (in percentage)	3.67%
Mortgages | Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 5,009,211	5,461,706
Interest rate, end of period (in percentage)	3.53%
Mortgages | Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,155,262	2,742,133
Interest rate, end of period (in percentage)	3.89%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (6,583)	(6,386)
Unsecured debt, gross	850,000	850,000
Unsecured debt - Carrying amount	$ 843,417	843,614
Interest rate, end of period (in percentage)	4.21%
Unsecured Term Loan
Debt Instrument
Deferred financing costs, net and other	$ (506)	(1,266)
Unsecured debt, gross	750,000	750,000
Unsecured term loan, net	$ 749,494	748,734
Interest rate, end of period (in percentage)	3.24%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 80,000	$ 0
Interest rate, end of period (in percentage)	3.05%

Redeemable Noncontrolling Int65

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Redeemable Noncontrolling Interests Rollforward
Balance as of December 31			$ 984,937	$ 1,278,446
Net income	$ 7,445	$ 7,706	6,321	10,935
Other comprehensive (loss) income			859	(207)
Distributions			(15,891)	(18,078)
Other, net			10,511	21,758
Balance as of June 30	$ 938,041	$ 1,177,084	938,041	1,177,084
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value			(12,246)	(25,562)
Adjustments to carry redeemable Class A units at redemption value			$ (36,450)	$ (90,208)

Redeemable Noncontrolling Int66

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narratives) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	$ 932,613	$ 979,509
Class A Unit
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	932,613	979,509
Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Shareholders' Equity_Partners67

Shareholders' Equity/Partners' Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 11, 2018	Jan. 04, 2018	Jun. 30, 2018
Class of Stock [Line Items]
Preferred unit issuance costs			$ 14,486
Series G & I Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price per share	$ 25	$ 25
Preferred stock, redemption amount			470,000
Preferred unit issuance costs			$ 14,486
Redeemable Preferred Stock | Series G Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.625%	6.625%
Redeemable Preferred Stock | Series I Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.625%	6.625%

Accumulated Other Comprehensi68

Accumulated Other Comprehensive Income ("AOCI") (AOCI by component) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value			$ 5,007,701	$ 7,618,496
Cumulative effect of accounting change (see Note 3)					$ 14,519
Ending balance, value	$ 4,943,587	$ 7,644,230	4,943,587	7,644,230
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	36,651	13,908	23,542	8,066
Cumulative effect of accounting change (see Note 3)					2,851
OCI before reclassifications	2,908	(1,206)	13,166	4,636
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	2,908	(1,206)	13,166	4,636
Ending balance, value	39,559	12,702	39,559	12,702
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	30,258	119,019	128,682	118,972
Cumulative effect of accounting change (see Note 3)					(108,374)
OCI before reclassifications	3,093	(3,180)	13,043	(12,401)
Amounts reclassified from AOCI	0	0	0	9,268
Net current period OCI	3,093	(3,180)	13,043	(3,133)
Ending balance, value	33,351	115,839	33,351	115,839
Securities available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	0	115,496	109,554	130,505
Cumulative effect of accounting change (see Note 3)					(109,554)
OCI before reclassifications	0	(1,206)	0	(16,215)
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	0	(1,206)	0	(16,215)
Ending balance, value	0	114,290	0	114,290
Pro-rata share of nonconsolidated subsidiaries' OCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	2,444	(2,841)	3,769	(12,058)
Cumulative effect of accounting change (see Note 3)					(1,671)
OCI before reclassifications	390	(980)	736	(1,031)
Amounts reclassified from AOCI	0	0	0	9,268
Net current period OCI	390	(980)	736	8,237
Ending balance, value	2,834	(3,821)	2,834	(3,821)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	(8,837)	(7,544)	(8,183)	(7,541)
Cumulative effect of accounting change (see Note 3)					$ 0
OCI before reclassifications	(205)	212	(859)	209
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	(205)	212	(859)	209
Ending balance, value	$ (9,042)	$ (7,332)	$ (9,042)	$ (7,332)

Variable Interest Entities ("69

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in unconsolidated VIEs	$ 304,859	$ 352,925
Consolidated VIEs
Variable Interest Entities
Variable interest entity, consolidated, carrying amount, assets	3,578,768	3,561,062
Variable interest entity, consolidated, carrying amount, liabilities	$ 1,811,269	$ 1,753,798

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	Jan. 11, 2018	Jan. 04, 2018	Jun. 30, 2018USD ($)investment	Dec. 31, 2017USD ($)investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund | investment				5
Real estate fund investments			$ 373,039	$ 354,804
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund | investment			4
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments			$ 373,039	354,804
Level 3 | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments				$ 354,804
Redeemable Preferred Stock | Series G Preferred Stock
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock, dividend rate, percentage	6.625%	6.625%
Redeemable Preferred Stock | Series I Preferred Stock
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock, dividend rate, percentage	6.625%	6.625%
Discounted Cash Flow Technique | Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Excess of fair value over cost			47,475
Discounted Cash Flow Technique | Level 3 | Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments			$ 373,039
Discounted Cash Flow Technique | Level 3 | Recurring | Minimum
Fair Value Inputs [Abstract]
Anticipated holding period of investments			6 months
Discounted Cash Flow Technique | Level 3 | Recurring | Maximum
Fair Value Inputs [Abstract]
Anticipated holding period of investments			4 years 6 months

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 165,650	$ 182,752
Real estate fund investments	373,039	354,804
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	165,650	182,752
Real estate fund investments	373,039	354,804
Deferred compensation plan assets (included in restricted cash and other assets)	100,368	109,177
Interest rate swaps (included in other assets)	39,584	27,472
Total assets	678,641	674,205
Mandatorily redeemable instruments (included in other liabilities)	50,561	520,561
Interest rate swap (included in other liabilities)		1,052
Total liabilities		521,613
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		182,752
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	60,498	69,049
Interest rate swaps (included in other assets)	0	0
Total assets	226,148	251,801
Mandatorily redeemable instruments (included in other liabilities)	50,561	520,561
Interest rate swap (included in other liabilities)		0
Total liabilities		520,561
Recurring | Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Interest rate swaps (included in other assets)	39,584	27,472
Total assets	39,584	27,472
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)		1,052
Total liabilities		1,052
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments		354,804
Deferred compensation plan assets (included in restricted cash and other assets)	39,870	40,128
Interest rate swaps (included in other assets)	0	0
Total assets	412,909	394,932
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)		0
Total liabilities		0
Other Assets | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	95,993	97,632
Restricted Cash | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 4,375	$ 11,545

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Minimum
Unobservable Quantitative Input
Discount rates	10.00%	2.00%
Capitalization rate	5.10%	4.70%
Maximum
Unobservable Quantitative Input
Discount rates	15.00%	14.90%
Capitalization rate	6.40%	6.70%
Weighted Average
Unobservable Quantitative Input
Discount rates	13.10%	11.90%
Capitalization rate	5.70%	5.50%

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 336,552	$ 454,946	$ 354,804	$ 462,132
Purchases	66,000	0	68,950	0
Net unrealized (loss) gain on held investments	(29,513)	745	(29,513)	(6,442)
Dispositions	0	0	(20,291)	0
Net realized (loss) gain on exited investments	(2)	0	(913)	241
Other, net	2	1	2	(239)
Ending balance	373,039	455,692	373,039	455,692
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	39,485	56,910	40,128	57,444
Purchases	1,619	1,350	1,633	1,813
Sales	(1,874)	(9,375)	(3,509)	(12,112)
Realized and unrealized gains	34	830	712	1,905
Other, net	606	134	906	799
Ending balance	$ 39,870	$ 49,849	$ 39,870	$ 49,849

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 80,000	$ 0
Deferred financing costs, net and other	62,944	74,352
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	6,583	6,386
Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	750,000	750,000
Deferred financing costs, net and other	506	1,266
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	851,306	1,500,227
Mortgages payable, gross	8,164,473	8,203,839
Unsecured revolving credit facilities	80,000	0
Debt instrument - Carrying amount	9,844,473	9,803,839
Deferred financing costs, net and other	62,944	74,352
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Carrying Amount | Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	750,000	750,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	9,789,000	9,822,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	851,000	1,500,000
Unsecured revolving credit facilities	80,000	0
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	8,112,000	8,194,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	847,000	878,000
Fair Value | Unsecured Term Loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 750,000	$ 750,000

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details)	Mar. 15, 2018USD ($)component	Jan. 12, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Share Based Compensation Arrangement By Share Based Payment Award
Share-based compensation expense			$ 6,976,000	$ 6,724,000	$ 20,645,000	$ 20,283,000
AO LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award
Threshold level					100.00%
Amortization Period		4 years			4 years
Period from grant date		10 years
Grant-Date Fair Value		$ 3,484,000	2,862,000		$ 2,862,000
Amount expensed immediately		$ 622,000
Revised age limit for awards vesting criteria					65 years
Revised age limit for vesting with years of service					60 years
Years of service					20 years
Special allocation (percent)					10.00%
Special distribution (percent)					10.00%
Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Amortization Period					5 years
Grant-Date Fair Value	$ 10,283,000		$ 2,243,000		$ 2,243,000
Amount expensed immediately	$ 8,040,000
Revised age limit for awards vesting criteria	65 years
Revised age limit for vesting with years of service	60 years
Years of service	20 years
Out performance plan notional amount	$ 35,000,000
Amount by which vornado underperforms the index (basis points)	2.00%
Amount by which vornado underperforms the index, total (basis points)	6.00%
Number of components of out performance plan | component	2
Relative | Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Required shareholder return under relative component	3.00%
Percentage of shareholder return under which no awards will be earned	0.00%
Absolute | Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Duration of performance measurement period	3 years
Required shareholder return three year	21.00%
SNL US Office REIT Index | Relative | Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Required shareholder return per year	70.00%
SNL US Retail Index | Relative | Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Required shareholder return per year	30.00%
Maximum | Relative | Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Percentage awards will be reduced if TSR is zero or negative or Negative	50.00%
Senior Executive | Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Out performance plan amount granted	$ 27,354,000

Interest and Other Investment76

Interest and Other Investment Income, Net (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:			$ 0	$ (17,102,000)	$ 0
Interest on loans receivable		$ 6,205,000	2,102,000	6,948,000	2,845,000
Dividends on marketable securities		3,353,000	3,307,000	6,706,000	6,614,000
Other, net		5,450,000	3,132,000	9,956,000	5,777,000
Interest and other investment income, net		30,892,000	8,541,000	6,508,000	15,236,000
Mezzanine loan		1,672,911,000		1,672,911,000		$ 1,592,348,000
Lexington Realty Trust
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:		15,883,000	0	(16,992,000)	0
Other
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:		$ 1,000	$ 0	$ (110,000)	$ 0
701 Seventh Avenue
Net Investment Income [Line Items]
Interest on loans receivable	$ 5,457,000
Mezzanine Loan | 701 Seventh Avenue
Net Investment Income [Line Items]
Percentage of participation in loan		25.00%		25.00%
Mezzanine loan		$ 137,500,000		$ 137,500,000

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest and Debt Expense [Abstract]
Interest expense	$ 96,377	$ 88,392	$ 191,165	$ 173,362
Amortization of deferred financing costs	8,034	7,977	16,138	16,546
Capitalized interest and debt expense	(16,754)	(11,580)	(31,480)	(22,395)
Interest and debt expense, Total	$ 87,657	$ 84,789	$ 175,823	$ 167,513

Income Per Share _Income Per 78

Income Per Share /Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 123,427	$ 115,112	$ 133,448	$ 164,631
Income from discontinued operations	641	16,989	300	31,351
Net income attributable to Vornado / Vornado Realty L.P.	124,068	132,101	133,748	195,982
Preferred share dividends / unit distributions	(12,534)	(16,129)	(25,569)	(32,258)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	111,534	115,972	93,693	163,724
Earnings allocated to unvested participating securities	(11)	(13)	(22)	(27)
Numerator for basic income per share / per Class A unit	111,523	115,959	93,671	163,697
Convertible preferred share dividends / unit distributions	16	20	0	0
Earnings allocated to Out-Performance Plan units	0	0	37	233
Numerator for diluted income per share	$ 111,539	$ 115,979	$ 93,708	$ 163,930
Denominator:
Denominator for basic income per share - weighted average shares (in shares)	190,200	189,395	190,141	189,304
Vornado employee stock options and restricted share / unit awards (in shares)	930	1,011	934	1,089
Convertible preferred shares/units	38	38	0	0
Out-Performance Plan units	0	0	115	281
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares)	191,168	190,444	191,190	190,674
INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.59	$ 0.52	$ 0.49	$ 0.70
Income from discontinued operations, net (in dollars per share)	0	0.09	0	0.16
Net income per common share (in dollars per share)	0.59	0.61	0.49	0.86
INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	0.58	0.52	0.49	0.70
Income from discontinued operations, net (in dollars per share)	0	0.09	0	0.16
Net income per common share (in dollars per share)	$ 0.58	$ 0.61	$ 0.49	$ 0.86
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 130,830	$ 121,696	$ 139,749	$ 173,488
Income from discontinued operations	683	18,111	320	33,429
Net income attributable to Vornado / Vornado Realty L.P.	131,513	139,807	140,069	206,917
Preferred share dividends / unit distributions	(12,582)	(16,177)	(25,666)	(32,355)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	118,931	123,630	99,917	174,562
Earnings allocated to unvested participating securities	(772)	(742)	(1,544)	(1,759)
Numerator for basic income per share / per Class A unit	118,159	122,888	98,373	172,803
Convertible preferred share dividends / unit distributions	16	20	0	0
Numerator for diluted income per Class A unit	$ 118,175	$ 122,908	$ 98,373	$ 172,803
Denominator:
Denominator for basic income per Class A unit – weighted average units (in shares)	202,064	201,127	201,997	200,987
Vornado employee stock options and restricted share / unit awards (in shares)	1,252	1,458	1,269	1,630
Convertible preferred shares/units	38	38	0	0
Denominator for diluted income per Class A unit - weighted average units and assumed conversions	203,354	202,623	203,266	202,617
INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 0.58	$ 0.52	$ 0.49	$ 0.69
Income from discontinued operations, net (in dollars per unit)	0	0.09	0	0.17
Net income per Class A unit (in dollars per unit)	0.58	0.61	0.49	0.86
INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	0.58	0.52	0.48	0.69
Income from discontinued operations, net (in dollars per unit)	0	0.09	0	0.16
Net income per Class A unit (in dollars per unit)	$ 0.58	$ 0.61	$ 0.48	$ 0.85

Income Per Share _ Income Per C

Income Per Share / Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	12,299	12,268	12,252	12,125
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	112	89	175	182

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Sep. 30, 2016
Other Commitments
Guarantees and master leases	$ 667,000,000
Outstanding letters of credit	13,337,000
Commitment to fund additional capital to partially owned entities	34,000,000
Construction commitment	342,000,000
General Liability
Insurance
Insurance limit per property	300,000,000
Insurance limit per occurrence	300,000,000
All Risk And Rental Value
Insurance
Insurance limit per occurrence	2,000,000,000
Earthquake California Properties
Insurance
Insurance limit per occurrence	260,000,000
Insurance maximum coverage limit in aggregate	$ 260,000,000
Vornado deductible, percentage of property value	5.00%
Terrorism Acts
Insurance
Insurance limit per occurrence	$ 4,000,000,000
Insurance maximum coverage limit in aggregate	4,000,000,000
NBCR Acts
Insurance
Insurance limit per occurrence	2,000,000,000
Insurance maximum coverage limit in aggregate	$ 2,000,000,000
Insurance coverage end date	December 2,020
PPIC | NBCR Acts
Insurance
Insurance deductible	$ 1,601,000
Insurance deductible percentage of balance of covered loss	18.00%
Moynihan Office Building
Other Commitments
Equity method ownership percentage		50.10%
Other liabilities
Other Commitments
Estimated tax payments	$ 52,000,000

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Information
Net income	$ 105,338	$ 147,484	$ 105,620	$ 221,331
(Income) loss from partially owned entities	(8,757)	(46,021)	1,147	(47,379)
Loss (income) from real estate fund investments	28,976	(4,391)	37,783	(4,659)
Interest and other investment income, net	(30,892)	(8,541)	(6,508)	(15,236)
Net gains on disposition of wholly owned and partially owned assets	(23,559)	0	(23,559)	(501)
Income from discontinued operations	(683)	(18,111)	(320)	(33,429)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,160)	(16,269)	(34,472)	(32,607)
Depreciation and amortization expense	111,846	105,123	220,532	210,251
General and administrative expense	34,427	35,405	76,960	81,580
Transaction related costs and other	1,017	260	14,173	1,012
NOI from partially owned entities	65,752	67,016	133,265	133,113
Interest and debt expense	87,657	84,789	175,823	167,513
Income tax expense (benefit)	467	(610)	3,021	2,303
NOI at share	354,429	346,134	703,465	683,292
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(12,481)	(22,475)	(30,429)	(42,956)
NOI at share - cash basis	341,948	323,659	673,036	640,336
Real estate fund investments
Segment Information
Loss (income) from real estate fund investments	$ 28,976	$ (4,391)	$ 37,783	$ (4,659)

Segment Information - Summary o

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Information
Total revenues	$ 541,818	$ 511,087	$ 1,078,255	$ 1,019,145
Operating expenses	235,981	215,700	473,583	436,359
NOI - consolidated	305,837	295,387	604,672	582,786
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,160)	(16,269)	(34,472)	(32,607)
Add: Our share of NOI from partially owned entities	65,752	67,016	133,265	133,113
NOI at share	354,429	346,134	703,465	683,292
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(12,481)	(22,475)	(30,429)	(42,956)
NOI at share - cash basis	341,948	323,659	673,036	640,336
New York
Segment Information
Total revenues	458,552	436,862	907,036	863,101
Operating expenses	200,903	185,712	398,819	368,819
NOI - consolidated	257,649	251,150	508,217	494,282
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,560)	(11,348)	(23,305)	(22,787)
Add: Our share of NOI from partially owned entities	49,778	46,386	99,551	91,848
NOI at share	295,867	286,188	584,463	563,343
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(12,713)	(18,297)	(30,036)	(36,669)
NOI at share - cash basis	283,154	267,891	554,427	526,674
Other
Segment Information
Total revenues	83,266	74,225	171,219	156,044
Operating expenses	35,078	29,988	74,764	67,540
NOI - consolidated	48,188	44,237	96,455	88,504
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(5,600)	(4,921)	(11,167)	(9,820)
Add: Our share of NOI from partially owned entities	15,974	20,630	33,714	41,265
NOI at share	58,562	59,946	119,002	119,949
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	232	(4,178)	(393)	(6,287)
NOI at share - cash basis	$ 58,794	$ 55,768	$ 118,609	$ 113,662